FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS  

Division 4 - 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.

Penalty: 120 penalty units.

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History

S 123(1) amended by No 92 of 2008, s 3 and Sch 2 item 35, by substituting " notified " for " informed " in para (b), effective 1 October 2008.

Validity 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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