Unclaimed Money Act 2021

This Act may be cited as the Unclaimed Money Act 2021.

This Act comes into operation on a day to be fixed by proclamation.

In this Act, unless the contrary intention appears—

corporation includes the liquidator, administrator or receiver of a corporation;

owner of money means the person who is entitled to the money and includes the person's executors, administrators and assigns and the legal representative or agent of the person, executor, administrator or assign;

prescribed amount means—

$50; or

if another amount is prescribed by regulation for the purposes of this definition—that amount;

repealed Act means the

Unclaimed Moneys

Act 1891;

unclaimed money means any sum of money (including, but not limited to, principal, interest, dividends, bonuses and profits) that—

has come into the possession of a corporation by virtue of a transaction with the owner of the money occurring in this State;

and

has been held by the corporation for at least 5 years;

and

in respect of which there has been no claim by the owner against the corporation.

A corporation to which this section applies must—

maintain a register of unclaimed money in a form determined by the

Treasurer; and

make the register available, free of charge—

on the corporation's website; or

on a website approved by the Treasurer for the purposes of this subsection; and

by 31 January each year, enter into the register the particulars determined by the Treasurer relating to unclaimed money exceeding the prescribed amount held by the corporation as at 1 January in that year. Maximum penalty: Maximum penalty: $5 000.

This section applies to a corporation that carries on business in this State other than—

a corporation established on a non-profit basis; or

an ADI; or

a superannuation provider within the meaning of the

Superannuation (Unclaimed Money and Lost

Members) Act 1999 of the Commonwealth; or

a corporation of a prescribed kind.

Unclaimed money that has not been paid by a corporation to the owner of the money before the second anniversary of the day on which notice of the unclaimed money first appeared on a register of unclaimed money maintained by the corporation (whether under this Act or the repealed Act) must be paid by the corporation to the Treasurer within 4 months after that anniversary. Maximum penalty: Maximum penalty: $5 000.

Money paid to the Treasurer under subsection (1) must be credited to the Consolidated

Account.

If—

a person (not being a corporation to which section 4 applies) has been in possession of money, of an amount not less than the prescribed amount, for at least

1 year; and

the owner of the money cannot be found, the person may pay the money to the

Treasurer.

A person making a payment to the Treasurer under subsection (1) must provide, in the manner and form approved by the Treasurer, such information as the Treasurer may require in relation to the payment.

Money paid to the Treasurer under subsection (1) must be credited to the Consolidated

Account.

If the Treasurer receives money under this section, the person who paid the money is discharged from any further liability in respect of the money.

If the Treasurer is satisfied, on application made in a manner and form approved by the Treasurer, that the applicant is the owner of money that has been paid to the Treasurer under this Act or the repealed Act, the

Treasurer may pay the money to the applicant.

An application under subsection (1) may not be made—

for an amount that is less than the prescribed amount;

or

more than 25 years after—

in the case of an application relating to unclaimed money—the day on which notice of the money first appeared on a register of unclaimed money (whether under this Act or the repealed Act);

or

in any other case—the day on which the money was received by the Treasurer (under this Act or the repealed Act).

Subsection (2)(a) does not apply in relation to an application for transitional money made within 5 years of the commencement of this section.

Subsection (2)(b) does not apply in relation to an application for transitional money made within 5 years of the commencement of this section if, on that commencement, 25 years have passed since the day on which notice of the money first appeared on a register of unclaimed money or the money was received by the

Treasurer.

No interest is payable in respect of a payment made under subsection (1).

A payment under subsection (1) is to be made from the Consolidated

Account, which is appropriated to the necessary extent.

If a payment is made to a person under this section, the Crown has no further liability in respect of the money that constituted the payment.

Subsection (7) does not prevent another person claiming to be the owner of the money from taking action for recovery of the money from the person to whom the payment was made.

In this section—

transitional money means—

unclaimed money that was, on the commencement of this section, listed on a register of unclaimed money maintained under the repealed Act;

or

money that was paid to the Treasurer under section 7A of the repealed Act.

The Treasurer may, at any time, examine accounts of a corporation relating to unclaimed money referred to in the corporation's register of unclaimed money.

For the purposes of subsection (1), the Treasurer may, by written notice given to a person, require the person to—

give the Treasurer, within a time and in a manner stated in the notice (which must be reasonable), information in the person's possession that the Treasurer reasonably requires; and

verify the information by statutory declaration. Maximum penalty: Maximum penalty: $5 000.

A notice to be given to a person under subsection (2) may—

be given to the person personally; or

be posted in an envelope addressed to the person's last known address; or

be transmitted by email to the person's email address (in which case the notice will be taken to have been given or served at the time of transmission).

The Treasurer may exempt a specified person, or class of persons, from the application of this Act or provisions of this Act, absolutely or subject to conditions.

The Treasurer may delegate a power or function vested in or conferred on the Treasurer by or under this Act—

to a particular person or body; or

to the person for the time being holding or acting in a particular office or position.

A power or function delegated under this section may, if the instrument of delegation so provides, be further delegated.

A delegation—

may be absolute or conditional; and

does not derogate from the power of the delegator to act in a matter; and

is revocable at will by the delegator.

A person convicted of an offence against a provision of this Act in respect of a continuing act or omission—

is liable, in addition to the penalty otherwise applicable to the offence, to a penalty for each day during which the act or omission continued of not more than one‑tenth of the maximum penalty prescribed for that offence; and

is, if the act or omission continues after the conviction, guilty of a further offence against the provision and liable, in addition to the penalty otherwise applicable to the further offence, to a penalty for each day during which the act or omission continued after the conviction of not more than one‑tenth of the maximum penalty prescribed for the offence.

If an offence consists of an omission to do something that is required to be done, the omission will be taken to continue for as long as the thing required to be done remains undone after the end of the period for compliance with the requirement.

The Governor may make such regulations as are contemplated by this

Act, or as are necessary or expedient for the purposes of this

Act.

The regulations may—

be of general or limited application; and

make different provision according to the persons, things or circumstances to which they are expressed to apply.