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Deposit Takers Act 2023

Enforcement - Power to accept undertakings

152: Offence to contravene undertaking

You could also call this:

"Breaking a promise to the law can result in a big fine"

Illustration for Deposit Takers Act 2023

If you give an undertaking that is in force, you must not break it. You will commit an offence if you break an undertaking that is in force. If you are found guilty, you can get a fine, which is a penalty you have to pay.

If you are an individual, the fine can be up to $50,000. If you are not an individual, the fine can be up to $500,000. The fine is the penalty for breaking the undertaking that you gave.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS692953.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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151: Undertakings that include payment of money, or

"Paying money as part of a promise to the law"

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153: Court may enforce undertaking, or

"Court can make you keep a promise you made to the Bank"

Part 5Enforcement
Power to accept undertakings

152Offence to contravene undertaking

  1. A person must not contravene an undertaking given by that person that is in force.

  2. A person that contravenes subsection (1) commits an offence and 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.