Document ID: chunk:federal_register_of_legislation:C2004A04669:body:0:p2
Version: federal_register_of_legislation:C2004A04669
Segment Type: other
Provision Reference: 
Character Range: 2414–5236

amended by omitting the definitions of "intending overseas student" and "overseas student" and substituting the following definitions:

" 'intending overseas student' means a person who intends to become an overseas student;

'overseas student' means a person who holds a student visa issued under regulations made under the Migration Act 1958;".

(2) Section 3 of the Principal Act is amended by omitting the definitions of "bank" and "special account".

Only registered providers may provide courses to overseas students

  4. Section 4 of the Principal Act is amended:

  (a) by omitting the penalty at the foot of subsection (1); and

  (b) by inserting after subsection (1) the following subsection:

     "(1A) A person who intentionally or recklessly contravenes subsection (1) is guilty of an offence punishable by imprisonment for up to 2 years.".

Repeal of section 6 and substitution of new sections

5.(1) Section 6 of the Principal Act is repealed and the following sections are substituted:

Provider must operate trust account

  "6A.(1) A provider must:

    (a) as soon as practicable after the commencement of this section, pay into a notified trust account all course money that, at the commencement of this section, was in a special account maintained by the provider for the purposes of section 6 of this Act (as in force before the commencement of this section); and

    (b) as soon as practicable after receipt, pay into a notified trust account all course money that the provider receives after the commencement of this section.

"(2) A provider must not withdraw or pay money out of a notified trust account except as permitted by the regulations.

"(3) For each notified trust account into which the provider has paid money, the provider must keep a record of the following amounts for each student for each course:

  (a) the amounts paid into the account;

  (b) withdrawals or payments out of the account;

  (c) the balance remaining in the account.

"(4) A provider who intentionally or recklessly contravenes subsection (1), (2) or (3) is guilty of an offence punishable by imprisonment for up to 12 months.

"(5) The regulations may make provision for or in relation to exempting providers from the requirements of this section.

  "(6) In this section:

'course money' means money received by the provider, directly or indirectly, from an overseas student, or intending overseas student, in relation to a course that the provider is providing, or offering to provide, to the student. For this purpose, money received in relation to a course includes:

  (a) tuition fees;

     (b) any amount that the provider is to pay, on behalf of the student, to Medibank Private or another prescribed hospital benefits organisation;

     (c) any other amount that the student had to pay in order