FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 1 - Key concepts  

SECTION 17A   Meaning of unclaimed money  

17A(1)    
The balance of an FHSA held by a person is unclaimed money in relation to the person if:

(a) no contributions have been made to, and no payments (other than a payment of a kind mentioned in paragraph 31(1)(f), (g) or (h) ) have been made from, the FHSA for a period of at least:

(i) 3 years; or

(ii) if a greater number of years is specified in the regulations - that greater number of years; and

(b) after the end of that period the FHSA provider has been unable to contact the person after making reasonable efforts.

17A(2)    
Subsection (1) has effect subject to subsections (3) and (4).

17A(3)    
The regulations may provide that the balance of a specified FHSA held by a person is unclaimed money in relation to the person if, and only if, the conditions specified in the regulations are satisfied.

Note:

For specification by class, see subsection 13(3) of the Legislative Instruments Act 2003 .

17A(4)    
Subsection (1) does not apply to an FHSA specified in the regulations.

Note:

For specification by class, see subsection 13(3) of the Legislative Instruments Act 2003 .