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Deposit Takers Act 2023

Supervision of deposit takers - Remedial notices and plans

121: Bank may require amendment of remedial plan

You could also call this:

"The Bank can ask a deposit taker to change its plan to fix problems."

Illustration for Deposit Takers Act 2023

The Bank can ask a licensed deposit taker to change a remedial plan that the Bank has already approved. You need to know that the Bank can do this at any time. The Bank makes the rules for how the changes are made.

If the Bank asks for changes or uses its power under section 120(1)(b), the licensed deposit taker must give the Bank a new plan. You have to follow the Bank's rules for when and how to give them the new plan. The new plan must fix the problems the Bank found.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS496750.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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120: Bank’s consideration of remedial plan, or

"The Bank checks and decides on a deposit taker's plan to fix problems."

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122: Remedial plan may also be amended with Bank’s approval, or

"You can change a remedial plan if the Bank agrees to the changes."

Part 4Supervision of deposit takers
Remedial notices and plans

121Bank may require amendment of remedial plan

  1. The Bank may at any time require the licensed deposit taker to amend a remedial plan that has been approved by the Bank.

  2. If the Bank acts under subsection (1) or section 120(1)(b), the licensed deposit taker must, within the period and otherwise in the manner specified by the Bank, give to the Bank an amended remedial plan that addresses the matter required to be amended.