Bill
Banking Laws Amendment (Unclaimed Money) Bill 2015
passed, as at 2015-09-16. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2015-08-13
- second reading — 2015-08-13
- second reading — 2015-09-07
- second reading — 2015-09-07
- third reading — 2015-09-07
- introduced — 2015-09-08
- second reading — 2015-09-08
- second reading — 2015-09-08
- second reading — 2015-09-09
- second reading — 2015-09-09
- third reading — 2015-09-09
- passed — 2015-09-09
- royal assent — 2015-09-16
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-08-13.
This bill would change how long bank and life insurance accounts must be untouched before their money can be taken by the government.
The waiting period would increase from three years to seven years, and accounts for children or held in foreign currency would be exempt.
The bill would also stop the corporate watchdog from publishing lists of unclaimed money and would block freedom of information requests for that data.
- Extends the inactivity period from three years to seven years before funds can be transferred to the Commonwealth.
- Exempts accounts for children and foreign-currency accounts from the unclaimed money rules.
- Prevents the Australian Securities and Investments Commission from publishing unclaimed money details in the annual Unclaimed Moneys Gazette.
- Introduces a secrecy provision to block access to unclaimed money information under the Freedom of Information Act 1982.
Authorised deposit-taking institutions, life insurance providers, and individuals with accounts or life insurance amounts that could be considered unclaimed money.
Sources
em
billhome
frl act