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Banking Amendment (Delivering Essential Financial Services) Bill 2010

2010

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

Banking Amendment (Delivering Essential Financial Services) Bill 2010

 

No.      , 2010

 

(Mr Bandt)

 

 

 

A Bill for an Act to deliver essential financial services at reasonable cost, fair loans and mortgages and increased competition for the community, and for related purposes

   

   



Contents

1  Short title........................................................................................................ 1

2  Commencement.............................................................................................. 1

3  Schedule......................................................................................................... 2

Schedule 1—Amendment of the Banking Act 1959                                 3

Part 1—Conditions on banks’ authorities                                            3

9AA  Variation of conditions of banks’ authorities—accounts.......................... 3

Part 2—Fixed interest gap loans and mortgages                                 9

9AB  Variation of conditions of authorities—fixed interest gap loans and mortgages            9

Part 3—Exit fees on loans and mortgages                                         10

9AC  Variation of conditions of authorities—loan and mortgage products...... 10

 

 



A Bill for an Act to deliver essential financial services at reasonable cost, fair loans and mortgages and increased competition for the community, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Banking Amendment (Delivering Essential Financial Services) Act 2010 .

2   Commencement

                   This Act commences on the day after it receives the Royal Assent.

3   Schedule

                   The Banking Act 1959 is amended as set out in Schedule 1.