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Deposit Takers Act 2023

Regulation of deposit takers - Credit rating

60: Offence to fail to have current credit rating

You could also call this:

"Breaking the rules: deposit takers must have a current credit rating or face a big fine"

Illustration for Deposit Takers Act 2023

If you are a licensed deposit taker, you must follow the rules. You can commit an offence if you break the rules in section 59. If you are found guilty, you can be fined up to $2,500,000.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS538440.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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59: Licensed deposit taker must have current credit rating, or

"Licensed deposit takers must get a credit rating to show they manage money well"

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61: Bank may approve rating agencies, or

"The Bank can choose who gets to be a rating agency, after checking they are fair and trustworthy."

Part 3Regulation of deposit takers
Credit rating

60Offence to fail to have current credit rating

  1. A licensed deposit taker that contravenes section 59 commits an offence and is liable on conviction to a fine not exceeding $2,500,000.