FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
PART 7
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PRUDENTIAL PROVISIONS
Division 4
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Other prudential provisions
SECTION 123
Requirement for ADIs and life insurance companies to notify APRA of intention to provide FHSAs
123(1)
A life insurance company or ADI commits an offence if:
(a) the life insurance company or ADI provides an FHSA or offers to provide an FHSA; and
(b) the life insurance company or ADI had not previously notified APRA in writing of its intention to provide FHSAs.
Validity of transaction not affected by contravention
123(2)
A contravention of subsection (1) does not affect the validity of a transaction.
A life insurance company or ADI commits an offence if:
(a) the life insurance company or ADI provides an FHSA or offers to provide an FHSA; and
(b) the life insurance company or ADI had not previously notified APRA in writing of its intention to provide FHSAs.
Penalty: 120 penalty units.
View history note
Hide history noteValidity of transaction not affected by contravention
123(2)
A contravention of subsection (1) does not affect the validity of a transaction.
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