Document ID: chunk:federal_register_of_legislation:F2018C00825:body:0:p4
Version: federal_register_of_legislation:F2018C00825
Segment Type: other
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Character Range: 7477–10092

than the licensee for goods or services; and
       (c) the licensee is not the issuer of a non-cash payment facility; and
       (d) the licence held by the licensee does not cover the provision of a financial service referred to in paragraph (b).

9 Low value non-cash payment facilities
Exemptions
(1) A person providing financial services in relation to a low value non-cash payment facility does not have to comply with subsection 911A(1), section 992A and Part 7.9 of the Act in relation to those services.
(2) A financial services licensee providing financial services in relation to a low value non-cash payment facility does not have to comply with Part 7.6 (other than subsection 911A(1) and Divisions 4 and 8), Divisions 2, 3 and 4 of Part 7.7 and Divisions 2, 3, 5 and 6 of Part 7.8 in relation to those services.
(3) An authorised representative of a financial services licensee providing financial services in relation to a low value non-cash payment facility does not have to comply with Divisions 2, 3 and 4 of Part 7.7 of the Act in relation to those services.
           Note:  The person will not be able to rely on the exemptions in the circumstances specified in subsection (6).
Conditions: Issuers of low value non-cash payment facilities
(4) An issuer of a low value non-cash payment facility who relies on any of the exemptions in subsections (1), (2) and (3) must take reasonable steps to ensure that all of the following are satisfied:
(a) before or at the time the low value non-cash payment facility is offered to a person as a retail client, the person is given a written document (disclosure document) which sets out the terms and conditions of the facility and separately sets out in a prominent manner information about:
(i) whether any of the terms and conditions of the facility may be unilaterally varied by the issuer and a statement of how a person (client) who holds the facility may get information about the new terms and conditions;
(ii) whether the facility has an expiry date and, if so, where the expiry date may be found;
(iii) the procedures for dealing with any unauthorised or mistaken transactions relating to the facility or the loss or theft of the device (if any) through which the facility is used;
(iv) fees or charges for acquiring and using the facility and where any fees or charges are subject to change during the life of the facility, a statement of how the client may get information about the new fees or charges;
(b) the information in the disclosure document is worded and presented in a clear, concise and effective manner;
(c) where the facility has