Dormant Bank and Building Society Accounts Act 2008
Act of ParliamentThis bill passed all stages in both Houses and received Royal Assent.
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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
<p>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. </p><p><strong>Key areas</strong></p><ul><li>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 </li><li>The relevant Devolved Authority will set the priorities for other countries </li><li>Individuals will retain their rights to any accounts that have been distributed, if they make subsequent claims.</li></ul>
Progress through Parliament
- 1st reading· Lords
7 November 2007 – 7 November 2007
- 2nd reading· Lords
21 November 2007 – 21 November 2007
- Committee stage· Lords
10 December 2007 – 15 January 2008
- Report stage· Lords
29 January 2008 – 29 January 2008
- 3rd reading· Lords
26 February 2008 – 26 February 2008
- 1st reading· Commons
27 February 2008 – 27 February 2008
- 2nd reading· Commons
6 October 2008 – 6 October 2008
- Programme motion· Commons
6 October 2008 – 6 October 2008
- Money resolution· Commons
6 October 2008 – 6 October 2008
- Committee stage· Commons
14 October 2008 – 16 October 2008
- Report stage· Commons
3 November 2008 – 3 November 2008
- 3rd reading· Commons
3 November 2008 – 3 November 2008
- Consideration of Commons amendments and / or reasons· Lords
19 November 2008 – 19 November 2008
- Programme motion· Commons
25 November 2008 – 25 November 2008
- Consideration of Lords amendments· Commons
25 November 2008 – 25 November 2008
- Royal Assent· Unassigned
26 November 2008 – 26 November 2008
Source: UK Parliament Bills API. Bill ID: 187.