129Financing of gaming machines

129 Financing of gaming machines (1) The Director may approve a financial institution to be a finance provider for the purposes of this Act. (2) An approved finance provider is authorised to own gaming machines but only for the purpose of financing the purchase, lease or rent of the gaming machines by licensees.

Gaming Machine Act 1995 110 (3) A licensee must not enter into an arrangement with another person to finance the purchase, lease or rent of gaming machines by the licensee unless the other person is an approved finance provider and the Director has approved the terms of the arrangement. (3A) A licensee must not vary the terms of an arrangement referred to in subsection (3) without the approval of the Director. (3B) An application for an approval referred to in subsection (3) or (3A) is to be in a form approved by the Director and is to include the information required by the Director. (4) An approved finance provider must not enter into an arrangement with another person to finance the purchase, lease or rent of gaming machines by the other person unless that other person is a licensee. (5) A licensee must provide the Director with details of any security or other encumbrance taken by an approved finance provider over gaming machines in the licensee's possession, including the identification and serial numbers of the gaming machines. (6) Where an approved finance provider holds a security or other encumbrance over gaming machines in a licensee's possession, despite the terms of the security or encumbrance, the finance provider must not take possession of the gaming machines under the security or encumbrance without the approval of the Director. (7) The approval of the Director under subsection (6) may be given subject to conditions.