Education Services for Overseas Students (Calls on the OSTF - requirements for payments) Determination 2012 (No. 1)

Link to law: https://www.comlaw.gov.au/Details/F2012L01385

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
 
Education Services for Overseas Students (Calls on the OSTF – requirements for payments) Determination 2012 (No. 1)
Education Services for Overseas Students Act 2000
I, CHRIS EVANS, Minister for Tertiary Education, Skills, Science and Research,  pursuant to subsection 50B(5) of the Education Services for Overseas Students Act 2000 (the Act), specify the requirements for making payments for the purposes of subsection 50B of the Act.
 
Dated        18th June                    2012
 
 
CHRIS EVANS
Minister for Tertiary Education, Skills, Science and Research
 
1               Name of determination
                This determination is the Education Services for Overseas Students (Calls on the OSTF – requirements for payments) Determination 2012 (No. 1).
 
2              Commencement
                This determination commences at the same time as item 2 of the table under subsection 2(1) of the Education Services for Overseas Students Legislation Amendment (Tuition Protection Service and Other Measures) Act 2012.
 
3              Definitions
                In this determination:
Act means the Education Services for Overseas Students Act 2000.
OSTF means the Overseas Students Tuition Fund established under section 52A of the Act.
Course has the same meaning as it has in section 5 of the Act.
 
4              The requirements for payments
For subsection 50B(3) of the Act, if the TPS Director must pay an amount to:
 
(a)    a registered provider, in accordance with paragraph 50B(3)(a)
the payment must comply with the following requirements:
                                             (i)     the payment must be made electronically;
                                           (ii)     the payment must be in Australian dollars to a transaction account nominated by and in the name of the provider; and 
                                         (iii)     the account into which the funds are paid must be held with an Australian Authorised Deposit-taking Institution (ADI) as listed on the Australian Prudential Regulation Authority (APRA) website.
 
(b)   a person (other than the student) who is specified in the agreement (made under section 47B), in accordance with paragraph 50B(3)(b) the payment must comply with the following requirements:
                                             (i)     the payment must be made electronically; and
                                           (ii)     the payment must be in Australian dollars to a transaction account nominated by and in the name of the person.
 
(c)    a student, in accordance with paragraph 50B(3)(c) the payment must comply with the following requirements:
                                             (i)     the payment must be made electronically; and
                                           (ii)     the payment must be in Australian dollars to a transaction account nominated by and in the name of the student.