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Deposit Takers Act 2023

Supervision of deposit takers - Power to require warning to be disclosed

136: Bank must give notice of orders

You could also call this:

"Banks must let you know if they make a new rule or order and explain what it means."

Illustration for Deposit Takers Act 2023

If the Bank makes an order, it must tell you about it on its Internet site. The Bank will say why it made the order and what the order means. It will also give any other important information it thinks you should know.

The Bank can also tell the public about the order in other ways. It can choose how it wants to do this. The Bank can also tell other people about the order, not just the public.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497359.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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135: Other provisions relating to order, or

"Rules about who must follow the Bank's orders and what they must do"

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137: Offence to fail to comply with order, or

"Breaking the law: you must follow orders or you could be fined"

Part 4Supervision of deposit takers
Power to require warning to be disclosed

136Bank must give notice of orders

  1. If the Bank makes an order under this subpart,—

  2. it must, immediately after exercising the power, give notice on the Bank’s Internet site of—
    1. the reasons for making the order; and
      1. the terms and conditions of the order (if any); and
        1. any other information the Bank thinks relevant in the circumstances; and
        2. it may give public notice by any other means of the matters in paragraph (a); and
          1. it may notify any other person of the matters in paragraph (a).