6AProvider must operate trust account

##### 6A Provider must operate trust account (1) A provider must: (a) as soon as practicable after the commencement of this section, pay into a notified trust account all course money that, at the commencement of this section, was in a special account maintained by the provider for the purposes of section 6 of this Act (as in force before the commencement of this section); and (b) as soon as practicable after receipt, pay into a notified trust account all course money that the provider receives after the commencement of this section. (2) A provider must not withdraw or pay money out of a notified trust account except as permitted by the regulations. (3) For each notified trust account into which the provider has paid money, the provider must keep a record of the following amounts for each student for each course: (a) the amounts paid into the account; (b) withdrawals or payments out of the account; (c) the balance remaining in the account. (4) A provider who intentionally or recklessly contravenes subsection (1), (2) or (3) is guilty of an offence punishable by imprisonment for up to 12 months. (5) The regulations may make provision for or in relation to exempting providers, either wholly or partly, from some or all of the requirements of this section. (6) In this section: > ADI (authorised deposit‑taking institution) means: (a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or (b) the Reserve Bank of Australia. > course money means money received by the provider, directly or indirectly, from an overseas student, or intending overseas student, in relation to a course that the provider is providing, or offering to provide, to the student. For this purpose, money received in relation to a course includes: (a) tuition fees; (b) any amount that the provider is to pay, on behalf of the student, to Medibank Private or another prescribed hospital benefits organisation; (c) any other amount that the student had to pay in order to undertake the course. > notified trust account means an account that meets all the following requirements: (a) the account is a trust account maintained by the provider with an ADI in Australia; (b) details of the account have been notified to the Secretary in writing; (c) the ADI has been notified that the account is a trust account.