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Deposit Takers Act 2023

Crisis management and resolution - No creditor or shareholder worse off - Valuer’s information-gathering power

388: Offence to fail to supply information

You could also call this:

"Breaking the law by not giving information when asked"

Illustration for Deposit Takers Act 2023

If you are asked to give information under section 387, you must do so. You commit an offence if you refuse or fail to give the information without a good reason. You can be fined if you commit this offence.

If you are an individual, you can be fined up to $50,000 if you are convicted. In any other case, the fine can be up to $500,000 if you are convicted. This is according to the rules stated in the section 387(2)(b) or (c) notice.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS550660.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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387: Valuer may require person to supply information for purposes of this subpart, or

"Valuers can ask you for information to help them do their job"

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389: Person required to give information has same privileges as witnesses in court, or

"People giving information have the same rights as witnesses in court"

Part 7Crisis management and resolution
No creditor or shareholder worse off: Valuer’s information-gathering power

388Offence to fail to supply information

  1. A person referred to in section 387(2)(b) or (c) commits an offence if they refuse or fail, without reasonable excuse, to comply with a notice under section 387.

  2. A person who commits an offence against subsection (1) is liable on conviction to,—

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