Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Licensing of deposit takers - Bank’s approval required for certain changes - Process for approval

49: Bank must consider whether it would still be satisfied of licensing matters

You could also call this:

"Banks must check if they still agree with important rules before okaying changes."

Illustration for Deposit Takers Act 2023

When you ask a bank for approval to make a change, the Bank has to think about whether they would still be happy with some important things. These things are listed in section 17. The Bank must be satisfied with these matters before they can give someone a licence, and they need to consider if they would still be satisfied if the change happens.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS494569.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

48: Report on proposal, or

"Getting a report to help make a good decision about a proposed change"

Next

50: Bank's decision on approval, or

"The bank decides whether to approve a request and tells you their decision within 20 working days."

Part 2Licensing of deposit takers
Bank’s approval required for certain changes: Process for approval

49Bank must consider whether it would still be satisfied of licensing matters

  1. The Bank must, in considering a request for approval under this subpart, consider whether, if the proposed change occurs, the Bank would still be satisfied of the matters set out in section 17 (which are the matters that the Bank must be satisfied of before an applicant is entitled to be issued with a licence).