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Deposit Takers Act 2023

Miscellaneous - Use of words bank, banker, and banking - Limit on use of restricted words in name or title

426: Offence to contravene limit on use of restricted words

You could also call this:

"Breaking rules about using certain words can get you a big fine."

Illustration for Deposit Takers Act 2023

If you are a financial service provider and you break the rules in section 425, you commit an offence. You can be fined if you are found guilty. If you are an individual, your fine can be up to $100,000. If you are not an individual, your fine can be 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=LMS538498.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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425: Limit on use of restricted words in name or title, or

"Don't use special finance words in your business name without permission"

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427: When restriction does not apply, or

"When you are allowed to use certain words in a name or title without getting in trouble"

Part 8Miscellaneous
Use of words bank, banker, and banking: Limit on use of restricted words in name or title

426Offence to contravene limit on use of restricted words

  1. A financial service provider that contravenes section 425 commits an offence and is liable on conviction,—

  2. in the case of an individual, to a fine not exceeding $100,000:
    1. in any other case, to a fine not exceeding $2,500,000.

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