Commonwealth legislation

Determination of restricted expressions - 'Purchased payment facility provider' and 'PPF provider' (16/11/2005)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This rule amends the Banking Act 1959 to prohibit businesses from describing themselves as a “purchased payment facility provider” or “PPF provider” unless they are properly authorized by APRA. It targets firms offering prepaid/stored‑value payment products (cards, wallets, travel money) and aims to prevent firms from implying they are bank‑style, APRA‑supervised entities, protecting consumers from misleading claims.

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Current sections

Direct links to the current provisions in Determination of restricted expressions - 'Purchased payment facility provider' and 'PPF provider' (16/11/2005).

Determination of restricted expressions - 'Purchased payment facility provider' and 'PPF provider' (16/11/2005)

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Determination of restricted expressions

‘Purchased payment facility provider’ and ‘PPF provider’

Banking Act 1959

I, Charles Watts Littrell, a delegate of APRA, under subsection 66(5) of the Banking Act 1959 (the Act) DETERMINE that the expressions ‘purchased payment facility provider’ and ‘PPF provider’ are restricted expressions for the purposes of section 66 of the Act.

This Determination comes into effect upon registration on the Federal Register of Legislative Instruments.

Dated 16 November 2005

[Signed]

………………………………

Charles Littrell

Executive General Manager

Policy, Research and Statistics Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.