FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 8 - MISCELLANEOUS  

SECTION 126B   Certain uses of FHSAs prohibited  

126B(1)    
A term of a contract or other agreement providing for a charge (including a mortgage, lien or other encumbrance) over an FHSA has no effect.

126B(2)    
Rights to payments from an FHSA cannot be assigned.

126B(3)    
An FHSA provider must not recognise, or in any way encourage or sanction, a charge over an FHSA or an assignment of rights to payments from an FHSA.

126B(4)    
A person commits an offence if:

(a) the person does an act; and

(b) the doing of the act results in a contravention of subsection (3).

Penalty: 50 penalty units.