Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

Licensing of deposit takers - Fit and proper requirements

33: Offence to fail to disclose fit and proper concerns

You could also call this:

"Telling someone about concerns is a must, or you might get a big fine."

Illustration for Deposit Takers Act 2023

If you are a licensed deposit taker, you must follow the rules. You commit an offence if you do not tell someone about concerns you have, without a good reason. This is against section 32 and you can get a fine of up to $500,000 if you are found guilty.

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 It might be out of date or be missing some parts.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=LMS538428.

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

32: Deposit taker’s duty on becoming aware of fit and proper concerns, or

"What deposit takers must do if they think a director or manager is not suitable for their job"

Next

34: Power to remove directors and senior managers, or

"The Bank can remove bosses who are not suitable for their job."

Part 2Licensing of deposit takers
Fit and proper requirements

33Offence to fail to disclose fit and proper concerns

  1. A licensed deposit taker that, without reasonable excuse, contravenes section 32 commits an offence and is liable on conviction to a fine not exceeding $500,000.