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Deposit Takers Act 2023

Enforcement - Power to accept undertakings

156: Licensed deposit taker or other person may withdraw or amend undertaking

You could also call this:

"A bank must agree before you can change or cancel a promise you made to them."

Illustration for Deposit Takers Act 2023

If you are a licensed deposit taker or another person, you can withdraw or amend an undertaking, but only if the Bank agrees to it. The Bank must give its consent before you can make any changes. You need the Bank's approval to withdraw or amend an undertaking.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497393.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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Part 5Enforcement
Power to accept undertakings

156Licensed deposit taker or other person may withdraw or amend undertaking

  1. A licensed deposit taker or other person may withdraw or amend an undertaking only with the Bank’s consent.