Plain language law

New Zealand law explained for everyone

Deposit Takers Act 2023

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

390: Use of information and confidentiality

You could also call this:

"Keeping work secrets and using information only for your job"

Illustration for Deposit Takers Act 2023

If you are a valuer, you must not use information you get because of your job, unless it is for your work or the law says you have to. You can use the information to do your job, like making valuations, or if the law requires you to. You have to keep information given to you confidential, like a secret, as stated in Subpart 3 of Part 8, which is about keeping things confidential. If you break these rules on purpose or by being careless, you can get in trouble, and if you are found guilty, you might have to pay a fine or go to prison, or both, as you would if you broke section 442.

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 It might be out of date or be missing some parts.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=LMS558921.

Topics:
Business > Industry rulesMoney and consumer rights > Banking and loans
Previous

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"

Next

391: Appeal against valuer’s decision on question of law, or

"Challenging a valuer's decision if you think it's wrong in law"

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

390Use of information and confidentiality

  1. A valuer who, in their capacity as valuer, has information that would not otherwise be available to them must not make use of or act on the information, except—

  2. for the purposes of performing or exercising the valuer’s functions, powers, and duties; or
    1. as required by law.

      1. Subpart 3 of Part 8 (confidentiality) applies to information given to a valuer under this subpart (and to information derived from or based on that information)—

      2. as if references to the Bank were references to the valuer; and
        1. with all other necessary modifications.

          1. A valuer commits an offence if they intentionally or recklessly—

          2. contravene subsection (1); or
            1. disclose information in contravention of section 442 (as applied by this section).

              1. A valuer who commits an offence against subsection (3) is liable on conviction to imprisonment for a term not exceeding 1 year or to a fine not exceeding $100,000 (or both).