Document ID: chunk:federal_register_of_legislation:C2022A00039:clause:1_123sv
Version: federal_register_of_legislation:C2022A00039
Segment Type: clause
Provision Reference: sch 1 cl 123SV
Character Range: 21207–22579

123SV  Exceptions to Part IV of the Competition and Consumer Act 2010
 (1) For the purposes of subsection 51(1) of the Competition and Consumer Act 2010, the declining of a transaction by a financial institution is specified and specifically authorised if the transaction would involve:
 (a) money in a BasicsCard bank account; and
 (b) a business of a kind specified in a legislative instrument made under subsection (2).
 (2) The Secretary may, by legislative instrument, declare a kind of business, whether by reference to merchant category codes, terminal identification codes, card accepted identification codes or otherwise, in relation to which transactions involving money in a BasicsCard bank account may be declined by a financial institution.
 (3) For the purposes of subsection 51(1) of the Competition and Consumer Act 2010, the declining of a transaction by a supplier of goods or services is specified and specifically authorised if the transaction would involve:
 (a) money in a BasicsCard bank account; and
 (b) the obtaining of:
 (i) excluded goods or excluded services; or
 (ii) a cash‑like product that could be used to obtain excluded goods or excluded services.
 (4) To avoid doubt, for the purposes of this section, it does not matter whether money in a BasicsCard bank account represents the qualified portion or unqualified portion of a payment.