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Second Reading Speeches

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.

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