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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014-2015
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Banking Laws Amendment (Unclaimed
Money) Bill 2015
No. , 2015
(Treasury)
A Bill for an Act to amend the Banking Act 1959
and the Life Insurance Act 1995, and for related
purposes
No. , 2015
Banking Laws Amendment (Unclaimed Money) Bill 2015
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Part 1--Main amendments
3
Banking Act 1959
3
Life Insurance Act 1995
4
Part 2--Consequential amendments
6
Freedom of Information Act 1982
6
No. , 2015
Banking Laws Amendment (Unclaimed Money) Bill 2015
1
A Bill for an Act to amend the Banking Act 1959
1
and the Life Insurance Act 1995, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Banking Laws Amendment
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(Unclaimed Money) Act 2015.
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2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2
Banking Laws Amendment (Unclaimed Money) Bill 2015
No. , 2015
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
31 December 2015.
31 December
2015
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
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3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
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Amendments Schedule 1
Main amendments Part 1
No. , 2015
Banking Laws Amendment (Unclaimed Money) Bill 2015
3
Schedule 1
--Amendments
1
Part 1
--Main amendments
2
Banking Act 1959
3
1 Paragraph 69(1)(a)
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Omit "3 years", substitute "7 years".
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2 Subsection 69(1A)
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Repeal the subsection, substitute:
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(1A) However, the following are not unclaimed moneys:
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(a) money in an account that is denominated in a currency other
9
than Australian currency;
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(b) money in a children's account;
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(c) farm management deposits (within the meaning of the
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Income Tax Assessment Act 1997).
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3 At the end of subsection 69(3)
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Add:
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; or (d) held in an account with the ADI in respect of which the
16
holder of the account, or an agent of the holder, has notified
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the ADI, between the end of the year and the day the
18
statement is delivered to the Treasurer, that the holder wishes
19
to treat the account as active.
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4 Subsection 69(9)
21
Repeal the subsection, substitute:
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(9) The Treasurer shall cause particulars of every sum shown in a
23
statement delivered under this section to be made available to the
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public (whether or not on the payment of a fee) in such manner as
25
the Treasurer determines.
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5 Subsection 69(12)
27
Insert:
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children's account means an account:
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Schedule 1 Amendments
Part 1 Main amendments
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Banking Laws Amendment (Unclaimed Money) Bill 2015
No. , 2015
(a) whose terms and conditions require it to be held by, or for the
1
benefit of, a person under 18; and
2
(b) that is opened:
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(i) in the name of a person who is under 18 at the time; or
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(ii) by the trustee of a trust for the benefit of a person who
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is under 18 at the time.
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6 After section 69
7
Insert:
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69A Disclosure of information relating to unclaimed moneys
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(1) This section applies if an amount of unclaimed moneys is specified
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in a statement delivered to the Treasurer under subsection 69(3).
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(2) A person must not disclose:
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(a) particulars of the amount of unclaimed moneys; or
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(b) particulars of the person to whom the money is payable (the
14
payee);
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to a person other than the payee or an agent of the payee.
16
Note:
This subsection is specified in Schedule 3 to the Freedom of
17
Information Act 1982 with the effect that a document containing
18
particulars protected from disclosure by this subsection is an exempt
19
document under that Act.
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(3) Subsection (2) does not apply if the disclosure is authorised by
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section 69.
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7 Section 69AA
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Renumber as section 69B.
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Life Insurance Act 1995
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8 Subsection 216(15) (subparagraph (c)(i) of the definition of
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unclaimed money)
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Omit "3 years", substitute "7 years".
28
9 After section 216
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Insert:
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Amendments Schedule 1
Main amendments Part 1
No. , 2015
Banking Laws Amendment (Unclaimed Money) Bill 2015
5
216A Disclosure of information relating to unclaimed money
1
(1) This section applies if an amount of unclaimed money is specified
2
on a register kept by ASIC under subsection 216(13).
3
(2) A person must not disclose:
4
(a) particulars of the amount of unclaimed money; or
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(b) particulars of the person to whom the money is payable (the
6
payee);
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to a person other than the payee or an agent of the payee.
8
Note:
This subsection is specified in Schedule 3 to the Freedom of
9
Information Act 1982 with the effect that a document containing
10
particulars protected from disclosure by this subsection is an exempt
11
document under that Act.
12
(3) Subsection (2) does not apply if the disclosure is authorised by
13
section 216.
14
Schedule 1 Amendments
Part 2 Consequential amendments
6
Banking Laws Amendment (Unclaimed Money) Bill 2015
No. , 2015
Part 2
--Consequential amendments
1
Freedom of Information Act 1982
2
10 Schedule 3
3
Insert:
4
Banking Act 1959, subsection 69A(2)
Life Insurance Act 1995, subsection 216A(2)
5