Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 110

             (1)  A person commits an offence if:

                     (a)  the person purports to provide an FHSA; and

                     (b)  the person is not an RSE licensee that holds an authorisation as an FHSA provider; and

                     (c)  either:

                              (i)  the person is not an ADI; or

                             (ii)  the person is an ADI with an authority granted under section 9 of the Banking Act 1959 that does not allow the person to provide an FHSA; and

                     (d)  either:

                              (i)  the person is not a life insurance company; or

                             (ii)  the person is a life insurance company with conditions of registration imposed under section 22 of the Life Insurance Act 1995 that do not allow the person to provide an FHSA.

             (2)  A person that contravenes subsection (1) commits an offence.

Penalty:  Imprisonment for 2 years, or 120 penalty units, or both.

             (3)  This section does not prevent an FHSA provider from engaging or authorising persons to act on its behalf.