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Dormant Bank and Building Society Accounts Act 2008

Government Bill

Originated in the House of Lords, session 2007-08

Last updated: 25 February 2009 at 12:01

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Long title

A Bill to make provision for, and in connection with, using money from dormant bank and building society accounts for social or environmental purposes.

Summary

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.

Key areas

  • 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.

Sponsoring departments

HM Treasury
Lord Davies of Oldham
Labour, Life peer
HM Treasury
Angela Eagle
Labour, Wallasey

Current version of the Bill

Lords Amendments to the Bill - html version
20 November 2008
Commons

Bill passage

Bill started in the House of Lords
1st reading
2nd reading
Committee stage
Report stage
3rd reading
Bill in the House of Commons
1st reading
2nd reading
Committee stage
Report stage
3rd reading
Final stages
Consideration of amendments
Royal Assent
Key
Complete
In progress
Not applicable
Not yet reached