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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 2 - Dealing with clients' money    View history reference

Subdivision B - Loan money    View history reference

SECTION 982A  MONEY TO WHICH THIS SUBDIVISION APPLIES  

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982A(1)  [Application]  


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.

982A(2)  [Payment does not constitute money]  


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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