{"id":"nsw:sl-2024-0381","name":"Dormant Funds Regulation 2024","slug":"dormant-funds-regulation-2024","collection":"regulation","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"381 of 2024","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":174304,"registerId":"nsw-sl-2024-0381-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of regulation","content":"#### 1 Name of regulation\n\n1 Name of regulation\n\n> This regulation is the [Dormant Funds Regulation 2024](/view/html/inforce/current/sl-2024-0381).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> This regulation commences on 1 September 2024.\n> \n> Note—\n> \n> This regulation replaces the [Dormant Funds Regulation 2014](/view/html/repealed/current/sl-2014-0462), which is repealed on 1 September 2024 by the [Subordinate Legislation Act 1989](/view/html/inforce/current/act-1989-146), section 10(2).","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Definition","content":"#### 3 Definition\n\n3 Definition\n\n> In this regulation—\n> \n> the Act means the [Dormant Funds Act 1942](/view/html/inforce/current/act-1942-025).\n> \n> Note—\n> \n> The Act and the [Interpretation Act 1987](/view/html/inforce/current/act-1987-015) contain definitions and other provisions that affect the interpretation and application of this regulation.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Determinations—the Act, s 19(1)","content":"#### 4 Determinations—the Act, s 19(1)\n\n4 Determinations—the Act, s 19(1)\n\n> For a determination, or revocation of a determination, that a fund is a dormant fund under the Act, section 5A, the Commissioner must give notice—\n> \n> > (a) to at least one of the trustees of the fund, or\n> \n> > (b) if there are no trustees of the fund—to at least one person who was formerly a trustee of the fund, or\n> \n> > (c) if the Commissioner does not know the name or address of a person specified in paragraph (a) or (b)—by publishing in a newspaper determined by the Commissioner.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Fee for formulation of proposal—the Act, s 19(2)","content":"#### 5 Fee for formulation of proposal—the Act, s 19(2)\n\n5 Fee for formulation of proposal—the Act, s 19(2)\n\n> > (1) A fee is payable to the Commissioner for the formulation of a proposal for a dormant fund under the Act, section 11.\n> \n> > (2) The amount of the fee is 5% of the value of the dormant fund, as certified by the Commissioner under the Act, section 10.\n> \n> > (3) However, the Minister may reduce or waive the fee if the Minister considers it just and reasonable to do so.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Savings","content":"#### 6 Savings\n\n6 Savings\n\n> An act, matter or thing that, immediately before the repeal of the [Dormant Funds Regulation 2014](/view/html/repealed/current/sl-2014-0462), had effect under that regulation continues to have effect under this regulation.","sortOrder":5}],"analysis":{"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Insufficient substantive content is present in the provided document to assess whether the regulation's scope changed from its original intent. The document is a metadata/status page only, with no operative provisions visible. No scope assessment is possible on this basis."},"complexity_factors":["The document provided contains virtually no substantive legislative content — only metadata, navigation elements, and status information","No actual operative provisions, definitions, or schedules are available for analysis","The regulation's enabling Act and its full regulatory scheme are not visible, making cross-referencing impossible","Dormant funds legislation in general can involve moderate complexity around reporting obligations, timelines, and administrative processes — but this cannot be assessed from the available text","The automatic repeal mechanism under the Subordinate Legislation Act 1989 adds a minor temporal complexity element"],"plain_english_summary":"This NSW regulation, made 16 August 2024 and in force, sets out rules about dormant funds — money or assets left inactive or unclaimed — and applies to institutions that hold unclaimed monies, individuals with potential unclaimed assets, and agencies that administer them. It is scheduled for automatic repeal on 1 September 2029.\n\nNote: the provided document is a metadata page and contains almost no substantive provisions, so detailed effects can’t be determined from it alone."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This regulation maintains the same narrow, procedural scope as its 2014 predecessor. It deals only with notice requirements for dormant fund determinations, fee structures for proposal formulation, and transitional savings provisions. There is no expansion into new policy areas or substantive changes to the underlying regulatory framework established by the Dormant Funds Act 1942."},"complexity_factors":["Very short document — only 6 operative sections","Minimal defined terms — only 'the Act' is defined, with a pointer to external definitions in the parent Act and Interpretation Act 1987","No nested exceptions or complex conditional logic — section 5 has one simple 'however' clause for ministerial discretion","No cross-referencing maze — references are straightforward citations to specific sections of the parent Dormant Funds Act 1942","Single purpose instrument — deals only with procedural aspects (notice requirements, fees, savings) rather than substantive regulatory scheme"],"plain_english_summary":"**What this regulation does:**\n\nThis regulation sets out the practical rules for how \"dormant funds\" (old, inactive bank accounts or unclaimed money held by government) are managed in Australia. It replaces an earlier 2014 version with updated procedures.\n\n**Key things it covers:**\n\n- **How the government notifies people about dormant funds:** If the government decides to classify a fund as \"dormant\" (inactive/unclaimed), the Commissioner must try to notify at least one current or former trustee. If they can't find anyone, they must publish a notice in a newspaper.\n\n- **Fees for processing dormant funds:** When the government prepares a formal proposal to deal with a dormant fund, they charge a fee of **5% of the fund's value**. The Minister has power to reduce or waive this fee if they think that's fair.\n\n- **Continuity with old rules:** Anything that was legally valid under the old 2014 regulation stays valid under this new one — the switchover doesn't reset the clock.\n\n**Who it affects:**\n\n- People or organisations who are trustees of old, inactive funds\n- Anyone with unclaimed money sitting in government hands\n- The government officials (Commissioner and Minister) who administer these funds\n\n**Why it matters:**\n\nThis regulation affects whether you can reclaim old money, how much it costs to get it back, and how the government must try to find you before declaring your money dormant. The 5% fee is particularly important — it could be significant for larger dormant accounts."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The regulation explicitly replaces the Dormant Funds Regulation 2014 (s 2) and preserves acts that had effect under the old regulation (s 6). On its face it implements notification rules, a fee formula and a savings provision without stating an expanded or narrowed statutory remit. Absent the text of the 2014 regulation, this instrument alone does not show a substantive change in scope."},"complexity_factors":["Short, narrowly focused instrument but dependent on other statutes for meaning — it refers to the Dormant Funds Act 1942 and the Interpretation Act 1987, creating interpretive dependency (s 3).","Notice regime gives the Commissioner alternatives and discretion: must notify a trustee, a former trustee, or, if neither is known, publish in a newspaper — operational choices affect compliance and cost (s 4).","Fee mechanism is mechanically simple (fixed percentage) but hinges on the Commissioner’s certification of fund value under the Act, coupling valuation power to fee size (5% of certified value) (s 5(1)–(2); references Act, s 10).","Ministerial discretion to reduce or waive the fee introduces policy discretion and case-by-case variance in compliance burden (s 5(3)).","Savings clause preserves prior acts and arrangements, so administrators must cross-reference the repealed 2014 regulation to confirm transitional positions (s 6).","Commencement is fixed and tied to repeal of the old regulation, creating a precise operational start date for affected parties (s 2)."],"plain_english_summary":"This regulation replaces the 2014 Dormant Funds Regulation and starts on 1 September 2024. It sets how the Commissioner must notify trustees when a fund is declared dormant, requires a fee equal to 5% of the fund’s certified value for preparing a proposal (the Minister may reduce or waive this), and preserves acts that operated under the old regulation. The fee is a direct cost on the fund and vests valuation and notice choices with the Commissioner."}},"importantCases":[],"_links":{"self":"/api/acts/dormant-funds-regulation-2024","history":"/api/acts/dormant-funds-regulation-2024/history","analysis":"/api/acts/dormant-funds-regulation-2024/analysis","conflicts":"/api/acts/dormant-funds-regulation-2024/conflicts","importantCases":"/api/acts/dormant-funds-regulation-2024/important-cases","documents":"/api/acts/dormant-funds-regulation-2024/documents"}}