Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

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

134: Procedural matters relating to order

You could also call this:

"The Bank must tell you what's happening and give you a chance to comment before making a decision."

Illustration for Deposit Takers Act 2023

The Bank can make an order only if they tell you what is happening. They must give you at least 3 working days' notice that they might make an order. They also have to tell you why they are thinking about making the order.

The Bank must give you or your representative a chance to comment in writing and talk about the matter. This chance to comment must happen within the 3 working days' notice period. You will know what is going on and have a chance to say what you think.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS497977.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

133: Bank may require its warning to be disclosed, or

"Banks can make companies tell you if they're doing something wrong"

Next

135: Other provisions relating to order, or

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

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

134Procedural matters relating to order

  1. The Bank may make an order under this subpart only if—

  2. the Bank gives A at least 3 working days' notice of the following matters before the Bank exercises the power:
    1. that the Bank may make an order; and
      1. the reasons why it is considering exercising that power; and
      2. the Bank gives A or A's representative an opportunity to make written submissions and to be heard on the matter within that notice period.