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PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 6 Overview of Act

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 6

Overview of Act

  (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.