Commonwealth Consolidated Acts

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 6

             (1)  This Act provides for the regulation of payment systems and purchased payment facilities.

Note:          The regulation of purchased payment facilities operates through regulation of the holders of the stored value of such facilities.

             (2)  Part 2 contains definitions of terms used in this Act.

             (3)  Part 3 deals with the regulation of payment systems. It provides for:

                     (a)  the designation of payment systems (see Division 2); and

                     (b)  the imposition of access regimes on participants in designated payment systems (see Division 3); and

                     (c)  standards to be complied with by participants in designated payment systems (see Division 4); and

                     (d)  the arbitration of disputes relating to designated payment systems (see Division 5); and

                     (e)  directions to be complied with by participants in designated payment systems (see Division 6).

             (4)  Part 4 deals with the regulation of holders of the stored value of purchased payment facilities.

             (5)  Part 5 deals with miscellaneous matters.