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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

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

You could also call this:

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

Illustration for Deposit Takers Act 2023

When a bank or a special person collects a levy, they do it for the government. The bank or special person must put the levy money into a government bank account within 30 days of getting it. You can think of the levy like a fee that the bank or special person collects and then passes on to the government.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS704730.

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

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

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469: Interest on unpaid levy, or

"You pay extra money if you don't pay your levy on time."

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

468Bank or prescribed person collects levy on behalf of Crown

  1. The Bank or the prescribed person collects the levy under this subpart on behalf of the Crown.

  2. The Bank or the prescribed person must ensure that each levy payment is paid into a Crown Bank Account within 30 days after the payment is received.