The Banking Laws Amendment (Unclaimed Money) Bill 2015 has been introduced into the House of Representatives.
UPDATE: The Bill was passed by the Senate on 9 September 2015. Royal Assent was given on 16 September 2015.
The Bill amends the Banking Act 1959 and Life Insurance Act 1995 to extend the period of inactivity required before amounts can be transferred to the Commonwealth from 3 years to 7 years.
