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Deposit Takers Act 2023

Miscellaneous - Bank’s power to specify how things are done

453: Bank may refuse to act if requirements not complied with

You could also call this:

"The Bank can say no if you don't follow the rules."

Illustration for Deposit Takers Act 2023

The Bank can refuse to do something if you do not do it correctly. You must do things in the way the Bank says in a notice they give you. If you do not follow the rules, the Bank can refuse to act.

If you fail to comply with section 452, the Bank can also refuse to do something. The Bank has the power to make decisions about these things. You should check what the Bank requires you to do.

This rule does not change any other part of the Act that says what happens if you do not do something correctly. The Bank's decision to refuse to act is separate from any other consequences you might face. You can still get in trouble for not following the rules, even if the Bank refuses to act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497943.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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"The bank can ask for more information if they need it."

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Part 8Miscellaneous
Bank’s power to specify how things are done

453Bank may refuse to act if requirements not complied with

  1. The Bank may refuse to perform or exercise a function, power, or duty if—

  2. a thing is not done in the manner specified by the Bank in a notice given or issued under this subpart; or
    1. a person fails to comply with section 452.

        1. Example

        An applicant for a licence does not apply in the manner specified by the Bank in a notice issued under section 450.

        The Bank may refuse to consider the application.

      1. This section does not limit any other provision of this Act that provides for an offence, a penalty, or any other consequence for a failure to do a thing in the manner specified by the Bank.