Commonwealth of Australia Bills

[Index] [Search] [Download] [Related Items] [Help]


This is a Bill, not an Act. For current law, see the Acts databases.


BANKING LAWS AMENDMENT (UNCLAIMED MONEY) BILL 2015

 

 

 

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 

Short title ........................................................................................... 1

 

Commencement ................................................................................. 1

 

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 

and the Life Insurance Act 1995, and for related 

purposes 

The Parliament of Australia enacts: 

1  Short title 

 

  This Act may be cited as the Banking Laws Amendment 

(Unclaimed Money) Act 2015

2  Commencement 

 

(1)  Each provision of this Act specified in column 1 of the table 

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 

enacted. It will not be amended to deal with any later amendments of 

this Act. 

 

(2)  Any information in column 3 of the table is not part of this Act. 

Information may be inserted in this column, or information in it 

may be edited, in any published version of this Act. 

3  Schedules 

 

  Legislation that is specified in a Schedule to this Act is amended or 

repealed as set out in the applicable items in the Schedule 

concerned, and any other item in a Schedule to this Act has effect 

10 

according to its terms. 

11 

Amendments  Schedule 1 

Main amendments  Part 1 

 

 

No.      , 2015 

Banking Laws Amendment (Unclaimed Money) Bill 2015 

3 

 

Schedule 1

--Amendments 

Part 1

--Main amendments 

Banking Act 1959 

1  Paragraph 69(1)(a) 

Omit "3 years", substitute "7 years". 

2  Subsection 69(1A) 

Repeal the subsection, substitute: 

 

(1A)  However, the following are not unclaimed moneys: 

 

(a)  money in an account that is denominated in a currency other 

than Australian currency; 

10 

 

(b)  money in a children's account; 

11 

 

(c)  farm management deposits (within the meaning of the 

12 

Income Tax Assessment Act 1997). 

13 

3  At the end of subsection 69(3) 

14 

Add: 

15 

 

; 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 

17 

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. 

20 

4  Subsection 69(9) 

21 

Repeal the subsection, substitute: 

22 

 

(9)  The Treasurer shall cause particulars of every sum shown in a 

23 

statement delivered under this section to be made available to the 

24 

public (whether or not on the payment of a fee) in such manner as 

25 

the Treasurer determines. 

26 

5  Subsection 69(12) 

27 

Insert: 

28 

children's account means an account: 

29 

Schedule 1  Amendments 

Part 1  Main amendments 

 

 

4 

Banking Laws Amendment (Unclaimed Money) Bill 2015 

No.      , 2015 

 

 

(a)  whose terms and conditions require it to be held by, or for the 

benefit of, a person under 18; and 

 

(b)  that is opened: 

 

(i)  in the name of a person who is under 18 at the time; or 

 

(ii)  by the trustee of a trust for the benefit of a person who 

is under 18 at the time. 

6  After section 69 

Insert: 

69A  Disclosure of information relating to unclaimed moneys 

 

(1)  This section applies if an amount of unclaimed moneys is specified 

10 

in a statement delivered to the Treasurer under subsection 69(3). 

11 

 

(2)  A person must not disclose: 

12 

 

(a)  particulars of the amount of unclaimed moneys; or 

13 

 

(b)  particulars of the person to whom the money is payable (the 

14 

payee); 

15 

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. 

20 

 

(3)  Subsection (2) does not apply if the disclosure is authorised by 

21 

section 69. 

22 

7  Section 69AA 

23 

Renumber as section 69B. 

24 

Life Insurance Act 1995 

25 

8  Subsection 216(15) (subparagraph (c)(i) of the definition of 

26 

unclaimed money

27 

Omit "3 years", substitute "7 years". 

28 

9  After section 216 

29 

Insert: 

30 

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)  This section applies if an amount of unclaimed money is specified 

on a register kept by ASIC under subsection 216(13). 

 

(2)  A person must not disclose: 

 

(a)  particulars of the amount of unclaimed money; or 

 

(b)  particulars of the person to whom the money is payable (the 

payee); 

to a person other than the payee or an agent of the payee. 

Note: 

This subsection is specified in Schedule 3 to the Freedom of 

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 

Freedom of Information Act 1982 

10  Schedule 3 

Insert: 

Banking Act 1959, subsection 69A(2) 

Life Insurance Act 1995, subsection 216A(2) 

 

 


[Index] [Search] [Download] [Related Items] [Help]