Commonwealth Numbered Acts

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FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 123

Requirement for ADIs and life insurance companies to notify APRA of intention to provide FHSAs

             (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 informed APRA in writing of its intention to provide FHSAs.

Penalty:  120 penalty units.

Validity of transaction not affected by contravention

             (2)  A contravention of subsection (1) does not affect the validity of a transaction.


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