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Bill · started in the Lords

Dormant Bank and Building Society Accounts Act 2008

A Bill to make provision for, and in connection with, using money from dormant bank and building society accounts for social or environmental purposes.

Now an Act of Parliament

The story so farThe Dormant Bank and Building Society Accounts Bill was introduced in the House of Lords on 7 November 2007 by Lord Davies of Oldham (Labour). It completed its passage through Parliament and became law as the Dormant Bank and Building Society Accounts Act 2008, receiving Royal Assent on 26 November 2008.

What the bill does

<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

  1. 1st reading Lords 7 Nov 2007
  2. 2nd reading Lords 21 Nov 2007
  3. Committee stage Lords 10 Dec 2007 to 15 Jan 2008
  4. Report stage Lords 29 Jan 2008
  5. 3rd reading Lords 26 Feb 2008
  6. 1st reading Commons 27 Feb 2008
  7. 2nd reading Commons 6 Oct 2008
  8. Programme motion Commons 6 Oct 2008
  9. Money resolution Commons 6 Oct 2008
  10. Committee stage Commons 14 Oct to 16 Oct 2008
  11. Report stage Commons 3 Nov 2008
  12. 3rd reading Commons 3 Nov 2008
  13. Consideration of Commons amendments and / or reasons Lords 19 Nov 2008
  14. Programme motion Commons 25 Nov 2008
  15. Consideration of Lords amendments Commons 25 Nov 2008
  16. Royal Assent Unassigned 26 Nov 2008

Source: the official bill page. Last updated 25 Feb 2009.