Introduced on Sept 22. The bill follows on from the review of the Reserve Bank Act and reforms parts of the law including regime for the registering and monitoring for deposit takers. Also introduces the Depositor Compensation Scheme which provides each eligible depositor up to $100,000 for their covered deposits at each deposit-taking institution. First reading on Sept 27 with just Act opposed and sent to the finance and expenditure committee. Reported back on April 11 with a large number of changes. These include more flexibility for non-bank deposit takers with proportionately introduced and clarifications about the duties and responsibilities of directors. Second reading on June 6 with Act opposed. Committee stage completed on June 27 and third reading on June 29 with Act opposed.

Deposit Takers Bill