Document ID: chunk:federal_register_of_legislation:F2022L01522:reg:5
Version: federal_register_of_legislation:F2022L01522
Segment Type: reg
Provision Reference: reg 5
Character Range: 2441–3280

5  Meaning of purchased payment facility
 (1) In this instrument, purchased payment facility means 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;
 (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;
 (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).
 (2) In subsection (1):
 (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.