FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
PART 3
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ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES
Division 4
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Requirements to make payments from FHSAs
SECTION 33
Payment from FHSA if FHSA holder aged 60 or over
33(1)
This section applies if:
(a) the holder of an FHSA has given the FHSA provider an application in the approved form requesting an amount to be paid from the FHSA; and
(b) the FHSA holder is aged 60 or over.
33(2)
The FHSA provider must pay the amount as requested:
(a) as soon as practicable after the application is made; and
(b) no later than 30 days after the application is made.
Offence
33(3)
A person commits an offence if the person contravenes subsection (2).
Validity of transaction not affected by contravention
33(4)
A contravention of subsection (2) does not affect the validity of a transaction.
This section applies if:
(a) the holder of an FHSA has given the FHSA provider an application in the approved form requesting an amount to be paid from the FHSA; and
(b) the FHSA holder is aged 60 or over.
33(2)
The FHSA provider must pay the amount as requested:
(a) as soon as practicable after the application is made; and
(b) no later than 30 days after the application is made.
Offence
33(3)
A person commits an offence if the person contravenes subsection (2).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
33(4)
A contravention of subsection (2) does not affect the validity of a transaction.
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