Document ID: chunk:federal_register_of_legislation:C2010C00218:clause:2_126b
Version: federal_register_of_legislation:C2010C00218
Segment Type: clause
Provision Reference: sch 2 cl 126B
Character Range: 24653–25257

126B  Certain uses of FHSAs prohibited

 (1) A term of a contract or other agreement providing for a charge (including a mortgage, lien or other encumbrance) over an FHSA has no effect.

 (2) Rights to payments from an FHSA cannot be assigned.

 (3) An FHSA provider must not recognise, or in any way encourage or sanction, a charge over an FHSA or an assignment of rights to payments from an FHSA.

 (4) A person commits an offence if:
 (a) the person does an act; and
 (b) the doing of the act results in a contravention of subsection (3).

Penalty: 50 penalty units.

Income Tax Assessment Act 1936