134Unpaid refunds of refundable deposit balances

134 Unpaid refunds of refundable deposit balances

(1) This section applies if: (a) either: (i) a refundable deposit balance (within the meaning of section 52P‑1 of the old Act) must be refunded under that section (as in force immediately before the transition time); or (ii) a refundable deposit balance (within the meaning of section 52P‑2 of the old Act) must be refunded under that section (as in force immediately before the transition time); and (b) the refundable deposit balance has not been refunded immediately before the transition time. (2) Despite the repeal of the old Act, the following provisions of the old Act continue to apply after the transition time, in relation to the refundable deposit balance, as if that repeal had not happened: (a) if subparagraph (1)(a)(i) applies—sections 52P‑1 and 52P‑3; (b) if subparagraph (1)(a)(ii) applies—sections 52P‑2 and 52P‑3. (3) Despite the repeal of the Fees and Payments Principles, Division 1 of Part 7 of those Principles continues to apply after the transition time, in relation to the refundable deposit balance, as if that repeal had not happened.

Note: Division 1 of Part 7 of the Fees and Payments Principles deals with the payment of interest on the refund of refundable deposit balances.