First Home Saver Accounts (Further Provisions) Amendment Act 2008 (92 of 2008)

Schedule 2   Amendments commencing the day after Royal Assent

First Home Saver Accounts Act 2008

37   After section 126

Insert:

126A FHSA provider to provide information

(1) A spouse of an FHSA holder, or the spouse's legal personal representative, may make an application to the FHSA provider for information about the balance of the FHSA.

(2) An application must be in the approved form, and must be accompanied by a declaration stating that the applicant requires the information for either or both of the following purposes:

(a) to assist the applicant in entering into a financial agreement under Part VIIIA of the Family Law Act 1975;

(b) to assist the applicant in connection with obtaining a court order under that Act.

(3) An FHSA provider commits an offence if:

(a) it receives an application under this section by a spouse of an FHSA holder; and

(b) it does not comply with the application.

Penalty: 50 penalty units.

(4) An FHSA provider commits an offence if:

(a) it receives an application under this section by a spouse of an FHSA holder; and

(b) in response to an application, it provides the spouse with any address (including a postal address) of the FHSA holder.

Penalty: 50 penalty units.

(5) An FHSA provider commits an offence if:

(a) it receives an application under this section by a spouse of an FHSA holder; and

(b) it informs the FHSA holder that the application has been made.

Penalty: 50 penalty units.

126B Certain uses of FHSAs prohibited

(1) A term of a contract or other agreement providing for a charge (including a mortgage, lien or other encumbrance) over an FHSA has no effect.

(2) Rights to payments from an FHSA cannot be assigned.

(3) An FHSA provider must not recognise, or in any way encourage or sanction, a charge over an FHSA or an assignment of rights to payments from an FHSA.

(4) A person commits an offence if:

(a) the person does an act; and

(b) the doing of the act results in a contravention of subsection (3).

Penalty: 50 penalty units.