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Deposit Takers Act 2023

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

137: Offence to fail to comply with order

You could also call this:

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

Illustration for Deposit Takers Act 2023

If you get an order under this law, you must follow it. You commit an offence if you refuse or fail to comply with the order without a good reason. If you commit this offence, you can be fined up to $50,000 if you are an individual, or up to $500,000 if you are not an individual.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497360.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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136: Bank must give notice of orders, or

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

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138: Access to information by overseas supervisor, or

"Overseas supervisors can access New Zealand bank information with the Bank's permission"

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

137Offence to fail to comply with order

  1. A person to whom an order under this subpart applies commits an offence if the person refuses or fails, without reasonable excuse, to comply with the order.

  2. A person who commits an offence against this section is liable on conviction to,—

  3. in the case of an individual, a fine not exceeding $50,000:
    1. in any other case, a fine not exceeding $500,000.