{"id":"nsw:sl-2025-0324","name":"Unclaimed Money Regulation 2025","slug":"unclaimed-money-regulation-2025","collection":"regulation","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"324 of 2025","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":173744,"registerId":"nsw-sl-2025-0324-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 [Unclaimed Money Regulation 2025](/view/html/inforce/current/sl-2025-0324).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> This regulation commences on the day on which the [Revenue and Other Legislation Amendment Act 2025](/view/pdf/asmade/act-2025-37), Schedule 8 commences.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Penalty notices","content":"#### 3 Penalty notices\n\n3 Penalty notices\n\n> > (1) For the Act, section 47A—\n> > \n> > > (a) each offence created by a provision specified in Schedule 1 is an offence for which a penalty notice may be issued, and\n> > \n> > > (b) the amount payable for the penalty notice is the amount specified opposite the provision.\n> \n> > (2) If the provision is qualified by words that restrict its operation to limited kinds of offences or to offences committed in limited circumstances, the penalty notice may be issued only for—\n> > \n> > > (a) the limited kind of offence, or\n> > \n> > > (b) an offence committed in the limited circumstances.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Notice of offset of repayment to other debts","content":"#### 4 Notice of offset of repayment to other debts\n\n4 Notice of offset of repayment to other debts\n\n> For the Act, section 26B(2)(b), the following matters must be included in the notice to the person—\n> \n> > (a) the total amount of unclaimed money payable to the person,\n> \n> > (b) the amount to be applied towards the debt,\n> \n> > (c) the amount of unclaimed money that will remain payable after the debt has been paid,\n> \n> > (d) the date the person’s right to the remaining unclaimed money is extinguished under the Act, section 16.\n> \n> **s 4:** Ins 2026 (123), Sch 1.","sortOrder":3},{"sectionNumber":"Schedule 1","sectionType":"schedule","heading":"Penalty notice offences","content":"# Schedule 1 Penalty notice offences\n\nSchedule 1 Penalty notice offences\n\nsection 3\n\n| Provision | Penalty |\n| Offences under the Act |\n| Section 9C | For an individual—$5,500Otherwise—$11,000 |\n| Section 10 | For an individual—$5,500Otherwise—$11,000 |\n| Section 11 | For an individual—$440Otherwise—$2,200 |\n| Section 13C | For an individual—$440Otherwise—$2,200 |\n| Section 26N | For an individual—$5,500Otherwise—$11,000 |\n| Section 30 | For an individual—$440Otherwise—$2,200 |","sortOrder":4}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Insufficient information is available to assess whether the scope changed from the original intent. The regulation's substantive provisions were not included in the text provided. The existence of a March 2026 amendment could indicate scope changes, but this cannot be confirmed without the actual legislative text."},"complexity_factors":["The substantive content of the regulation was not included in the provided text — only website metadata, navigation, and status information was available, making meaningful complexity assessment impossible","Subordinate legislation (regulations) can be technically complex as they interact with and depend on the parent Act, but no such interaction details are visible here","The automatic repeal mechanism under the Subordinate Legislation Act 1989 adds a minor layer of procedural complexity","The existence of two point-in-time versions suggests at least one amendment has been made, which could indicate evolving complexity"],"plain_english_summary":"The Unclaimed Money Regulation 2025 (NSW) is a subordinate regulation made under the Unclaimed Money Act that commenced 1 July 2025 and was updated 27 March 2026. It governs how businesses, banks and similar holders must deal with money they cannot trace (normally requiring transfer to government custody) and preserves claim rights for rightful owners. It is set to expire automatically on 1 September 2030."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This regulation appears to be a standard machinery provision that supports the Unclaimed Money Act. It does not expand beyond the expected scope of setting administrative details (penalty amounts and notice requirements) that the parent Act anticipates. The amendment note at section 4 suggests it was inserted later, but this appears to be a standard amendment process rather than scope creep."},"complexity_factors":["Very short document (4 operative sections plus a schedule)","Only 6 defined penalty amounts in a simple table format","Minimal cross-referencing (only references to specific sections of the parent Act)","No nested exceptions or conditional logic beyond a single qualification in section 3(2)","Straightforward administrative provisions without substantive policy content"],"plain_english_summary":"This regulation sets administrative rules for how the Unclaimed Money Act operates in practice.\n\n**What it does:**\n- **Sets fines for rule-breaking:** It lists specific offences under the Unclaimed Money Act and sets dollar amounts for on-the-spot fines (penalty notices). For example, individuals face $5,500 for certain offences, while companies face $11,000. Smaller offences attract fines of $440 for individuals or $2,200 for companies.\n- **Explains when fines apply:** If an offence only applies in specific situations, the fine can only be issued in those same situations.\n- **Requires specific details in debt notices:** When the government uses someone's unclaimed money to pay off a debt the person owes (called an \"offset\"), the notice must clearly state: how much unclaimed money was found, how much is being taken for the debt, what (if anything) is left over, and when any remaining money will be forfeited to the government if not claimed.\n\n**Who it affects:**\n- People and businesses who hold unclaimed money (like banks or insurers) who must follow the Act's rules\n- People claiming unclaimed money who also owe debts to the government\n- Government agencies issuing penalty notices\n\n**Why it matters:**\nThis regulation puts teeth into the Unclaimed Money Act by setting concrete penalties for non-compliance, and ensures transparency when the government uses unclaimed funds to settle debts."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The regulation does not alter the substantive unclaimed‑money rights or extinguishment mechanics in the principal Act. It sets commencement timing (s 2), authorises and prices penalty‑notice enforcement for particular offences (s 3 and Schedule 1), and prescribes required contents for offset notices (s 4). It therefore implements administrative and enforcement detail rather than changing the Act's core scope or entitlement rules (note: s 4 refers to Act, s 16 for extinguishment)."},"complexity_factors":["Commencement is conditional on another Act's schedule (s 2) — administrative timing dependency.","Creates a discrete list of offences eligible for penalty notices and fixes set monetary amounts (s 3; Schedule 1) with separate levels for individuals versus other entities, requiring bookkeeping for different payers.","Limits issuance of penalty notices to offences confined by qualifying words (s 3(2)) — introduces conditional application needing legal interpretation of qualifying phrases.","Prescribes mandatory content for offset notices (s 4), including total payable, amount applied to debt, remaining amount, and extinguishment date — operational checklist for administrators and an information duty to recipients.","Cross-references to the principal Act for extinguishment timing (s 4 refers to Act, s 16) — requires officials to apply substantive Act rules when issuing notices.","Schedule format sets fixed penalty amounts (Schedule 1) — low legislative complexity but concrete compliance costs and potential for disputes about correct categorisation (individual vs otherwise)."],"plain_english_summary":"This regulation fixes when parts of the Unclaimed Money law start, specifies which offences can be dealt with by penalty notices and the dollar amounts for those notices, and prescribes what must be stated when unclaimed money is offset to other debts. It affects people and organisations handling or claiming unclaimed money: individuals and non‑individual bodies face different penalty levels, and recipients of an offset must be told the amounts and the date their remaining entitlement is extinguished."}},"importantCases":[],"_links":{"self":"/api/acts/unclaimed-money-regulation-2025","history":"/api/acts/unclaimed-money-regulation-2025/history","analysis":"/api/acts/unclaimed-money-regulation-2025/analysis","conflicts":"/api/acts/unclaimed-money-regulation-2025/conflicts","importantCases":"/api/acts/unclaimed-money-regulation-2025/important-cases","documents":"/api/acts/unclaimed-money-regulation-2025/documents"}}