28Obligation for registered provider to maintain designated account

28 Obligation for registered provider to maintain designated account

Requirement to maintain account (1) A registered provider who receives, in respect of an overseas student or intending overseas student, tuition fees for a course before the student has begun the course must maintain an account in accordance with this section.

Note: Providers covered by section 31 are not required to comply with this section.

Requirements for designated accounts (2) The account must be maintained with an Australian ADI (within the meaning of section 9 of the Corporations Act 2001). (3) The account must be designated as the initial pre‑paid fees account.