(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.