DEBT COLLECTORS LICENSING ACT 1964 - SECT 3

DEBT COLLECTORS LICENSING ACT 1964 - SECT 3

3 .         Terms used

                In this Act unless the contrary intention appears —

        bank means an ADI (authorised deposit-taking institution) as defined in section 5 of the Banking Act 1959 of the Commonwealth;

        Commissioner has the meaning given in the Fair Trading Act 2010 section 6;

        debt collector means a person (whether or not he carries on any other business) who on behalf of any other person and for or in expectation of any gain, fee or reward whatever, by whomsoever paid or payable and either on his own account or in conjunction with another, carries on the business of collecting requesting or demanding payment of debts or who advertises or notifies that he carries on that business;

        licence means a valid and current licence issued under this Act authorising the holder thereof to act as a debt collector;

        licensee means the holder of a licence;

        money includes any instrument for the payment of money in any case where the instrument may be paid into an account with a bank;

        money received for or on behalf of any person includes money that is held for or on behalf of any person whether originally received for or on his behalf or not;

        to pay into a trust account means to pay into a bank, carrying on business in the State, to the credit of an account —

            (a)         that is kept by the bank; and

            (b)         the designation of which includes the words, “trust account of” and the name of the debt collector concerned;

        trust account means a record of accounts relating to trust money;

        trust money means any money collected or received by a person in the capacity of debt collector as agent for another person.

        [Section 3 amended: No. 26 of 1999 s. 73(2); No. 55 of 2004 s. 220; No. 58 of 2010 s. 181.]