Commonwealth Consolidated Acts

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Money to which this Subdivision applies

             (1)  Subject to subsection (2), this Subdivision applies to money paid to a financial services licensee (the licensee ) by way of a loan from a person (the client ) in connection with activities authorised by the licensee's licence.

             (2)  If a person pays money to a financial services licensee:

                     (a)  in order for it to be deposited to the credit of a deposit product held by the person or another person with the licensee; or

                     (b)  on condition that it is to be repaid to the person by the licensee, as a debt, pursuant to the terms of a debenture or other financial product issued by the licensee;

that payment does not constitute money to which this Subdivision applies.

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