Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p8
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 8/29)
Character Range: 67262–70424

financing arrangement for an interest in a registered time-sharing scheme.
              financing arrangement means an arrangement under which:
                  (a) financial accommodation is provided by a person in connection with an applicant's acquisition of an interest in a registered time-sharing scheme; and
                  (b) the person who provides the financial accommodation is introduced to the applicant by the issuer or seller of the interest in the scheme or their associate.
              fixed period, in relation to an interval-based program, means a specified period of time in a calendar year that is fixed for the same period each year.
              floating period, in relation to an interval-based program, means a period of time between a range of dates.
                   Example:  A floating period during a specified season could allow members to request a booking for a week that falls within weeks 1–13 inclusive and weeks 40–52 inclusive.
              high season, in relation to a registered time-sharing scheme, means that part of a year in which the accommodation provided by the scheme is typically in highest demand.
              incidental fees means costs or amounts, other than accommodation usage fees, establishment fees, finance application fees, levies, ongoing financing costs and ongoing membership fees, that:
                  (a) are paid or payable in relation to an interest in a registered time-sharing scheme; and
                  (b) a reasonable person would consider are not material to a person's decision to acquire, hold or dispose of an interest in the scheme.
                   Example: Direct debit dishonour fees.
              interval-based program, in relation to a registered time-sharing scheme, means a scheme where members have the right to use property of the scheme for either a fixed period each calendar year or a floating period each calendar year.
                   Example:  An interval may be a week per calendar year.
              levy, in relation to a registered time-sharing scheme, means an amount paid or payable by a member for
                  (a) the maintenance of scheme property;
                  (b) operating the scheme; and
                  (c) other services relating to the scheme.
              ongoing financing costs means an amount paid or payable in relation to a financing arrangement, but excludes:
                  (a) any amount paid or payable as a result of the provider of the financing arrangement exercising their rights following an event of default or breach by the borrower under the financing arrangement; and
                  (b) the finance application fee.
              ongoing membership fees means an amount required to be paid or payable by a member of a registered time-sharing scheme to the responsible entity or a nominee of the responsible entity as a requirement of being a member of the scheme and are not otherwise charged as levies.
              PAYG membership, in relation to a registered time-sharing scheme, means a membership in a PAYG points-based program.
              PAYG points, in relation to a registered