Dormant Bank and Building Society Accounts [HL] Act 2008
Progress of the Bill
Bill started in the House of Lords
- House of Lords
- House of Commons
- Royal Assent
- Royal Assent 26 November, 2008 | 26.11.2008
Act of Parliament
|Lords Amendments to the Bill - html version||20.11.2008|
Summary of the Dormant Bank and Building Society Accounts [HL] Act 2008
This Bill provides the legal and administrative framework for distributing assets from dormant cash accounts. Dormant is defined in the Bill as a period of 15 years during which the customer has not initiated any activity on an account. Assets will be distributed by the Big Lottery Fund on a national basis.
- In England, the assets will be spent with three aims in mind: providing opportunities for young people; improving financial capability and supporting institutions involved in social lending
- The relevant Devolved Authority will set the priorities for other countries
- Individuals will retain their rights to any accounts that have been distributed, if they make subsequent claims.
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