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New Zealand law explained for everyone

Deposit Takers Act 2023

Miscellaneous - Use of words bank, banker, and banking - Bank may require change of name, etc

437: Offence to contravene requirement to change name, etc

You could also call this:

"Breaking the rule to change your name can cost you a big fine"

Illustration for Deposit Takers Act 2023

If you do not follow a requirement under section 436, you commit an offence. You can be fined if you are found guilty of this offence. The fine can be up to $50,000 if you are an individual.

If you are not an individual, the fine can be up to $500,000. This is a serious penalty for not following the rules. You must take this requirement seriously to avoid a big fine.

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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=LMS542616.

Topics:
Business > Industry rulesMoney and consumer rights > Banking and loans
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436: Power to require change of name, etc, or

"The Bank can make you change your name or how you advertise if you break the rules."

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438: Interpretation in this subpart, or

"What special words mean in this part of the law"

Part 8Miscellaneous
Use of words bank, banker, and banking: Bank may require change of name, etc

437Offence to contravene requirement to change name, etc

  1. A person that contravenes a requirement under section 436 commits an offence and is liable on conviction to,—

  2. in the case of an individual, a fine not exceeding $50,000:
    1. in any other case, a fine not exceeding $500,000.

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