Banking Laws Amendment (Unclaimed Money) Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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Summary

Amends the: Banking Act 1959 and Life Insurance Act 1995 to: extend to seven years the period before funds held by authorised deposit-taking institutions (ADI) and life insurance providers are treated as unclaimed moneys; and provide only authorised access to information on unclaimed moneys; Banking Act 1959 to: exempt ADI accounts created for children and those that are held in a foreign currency from the unclaimed money provisions; remove the requirement for the Australian Securities and Investment Commission to publish details of unclaimed moneys in the Unclaimed Moneys Gazette; and expand the circumstances in which account holders can keep their ADI accounts active; and Freedom of Information Act 1982 to make consequential amendments.

Progress

House of Representatives
Introduced and read a first time 13 Aug 2015
Second reading moved 13 Aug 2015
Second reading debate 07 Sep 2015
Second reading agreed to 07 Sep 2015
Third reading agreed to 07 Sep 2015
Senate
Introduced and read a first time 08 Sep 2015
Second reading moved 08 Sep 2015
Second reading debate 08 Sep 2015
Second reading debate 09 Sep 2015
Second reading agreed to 09 Sep 2015
Third reading agreed to 09 Sep 2015
Finally passed both Houses 09 Sep 2015
Assent
  • Act no.: 129
  • Year: 2015
16 Sep 2015

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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