PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 9 Meaning of purchased payment facility and holder of the stored value
PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 9
Meaning of purchased payment facility and holder of the stored value(1) A purchased payment facility is a facility (other than cash) in relation to which the following conditions are satisfied:
(a) the facility is purchased by a person from another person; and
(b) the facility is able to be used as a means of making payments up to the amount that, from time to time, is available for use under the conditions applying to the facility; and
(c) those payments are to be made by the provider of the facility or by a person acting under an arrangement with the provider (rather than by the user of the facility).
However, a facility covered by a declaration under subsection ( 3) is not a purchased payment facility for the purposes of this Act.
(2) The holder of the stored value , in relation to a purchased payment facility, is the person who is to make payments as mentioned in paragraph ( 1)(c).
(3) The Reserve Bank may, by legislative instrument , declare that this Act does not apply to a specified facility, or to facilities included in a specified class of facilities, if the Reserve Bank considers that it is not appropriate for this Act to apply to the facility, or to each facility of that class, having regard to:
(a) any restrictions that limit the number or types of people who may purchase the facility; or
(b) any restrictions that limit the number or types of people to whom payments may be made using the facility.
The Reserve Bank may have regard to other matters that it considers are relevant, but is not required to do so.
(a) a reference to a facility includes a reference to a right to use a facility; and
(b) a reference to the purchase of a facility includes a
reference to the payment of an amount for a right to use a facility.