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Deposit Takers Act 2023

Crisis management and resolution - Covered bonds - Registration of covered bond programmes

414: Bank must give notice of proposal to decline application

You could also call this:

"Banks must tell you why they might reject your application"

Illustration for Deposit Takers Act 2023

If a bank wants to decline your application, they must tell you within 60 working days. They will give you notice of their proposed decision and the reasons for it. They will also ask you to provide more information or submissions within 10 working days.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS498010.

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Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > Consumer protection
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413: Bank must give notice of approval, or

"The bank must inform the issuer within 60 working days if an application is approved."

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415: Bank and issuer may agree to modify time limits, or

"Banks and issuers can agree to change some time limits."

Part 7Crisis management and resolution
Covered bonds: Registration of covered bond programmes

414Bank must give notice of proposal to decline application

  1. If the Bank proposes to decline the application, the Bank must, within 60 working days after receiving all of the information required to determine the application,—

  2. give the issuer notice of the proposed decision and the reasons for it; and
    1. invite the issuer to provide, within 10 working days after the date of the notice, submissions or further information in response to the proposed decision; and
      1. have regard to any submissions and further information it receives from the issuer; and
        1. give notice of its final decision to the issuer within 5 working days after the period specified in paragraph (b) (whether or not the Bank receives any submissions or further information).

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