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Deposit Takers Act 2023

Miscellaneous - Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties

467: Licensed deposit takers must pay levy to allow Crown to recover cost of public support

You could also call this:

"Banks and other deposit takers must pay a fee to help the government recover costs."

Illustration for Deposit Takers Act 2023

If you are a licensed deposit taker, you must pay a levy to the Bank or a prescribed person. The levy is the amount prescribed by the regulations made under this subpart. You pay the levy to help the Crown recover the cost of public support.

You have to pay the levy by the date specified for payment, which is on an invoice or other document given to you by the Bank or the prescribed person. This date must be at least 30 days after the date of the invoice or document. You will get enough time to pay the levy.

If you do not pay the levy, you will owe the Bank or the prescribed person the amount of the unpaid levy and any interest, as stated in section 469. The Bank or the prescribed person can take you to court to recover this debt. You will have to pay the debt in a court of competent jurisdiction.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS704727.

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466: Transitional and savings provisions for orderly implementation of Act, or

"Special rules to help the new Deposit Takers Act 2023 work with other laws"

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468: Bank or prescribed person collects levy on behalf of Crown, or

"Banks collect a fee for the government and must pay it within 30 days."

Part 8Miscellaneous
Levy for Crown to recover cost of public support of deposit taker in financial distress or other difficulties

467Licensed deposit takers must pay levy to allow Crown to recover cost of public support

  1. Every person that is included in a prescribed class of licensed deposit takers must pay to the Bank, or a prescribed person on behalf of the Bank (the prescribed person), a levy prescribed by the regulations made under this subpart.

  2. A licensed deposit taker must pay the levy by the date specified for payment, whether in an invoice or other appropriate document given to the deposit taker by the Bank or the prescribed person.

  3. The specified date for payment must be not less than 30 days after the date of the invoice or other appropriate document.

  4. The amount of any unpaid levy and any interest under section 469 is recoverable in a court of competent jurisdiction as a debt due to the Bank or the prescribed person.