Australian Capital Territory Numbered Acts

EDUCATION SERVICES FOR OVERSEAS STUDENTS (NO. 77 OF 1994) - SECT 16

16. (1) Where a private provider receives course money, the provider shall, within 3 banking days after the day on which the money is received, pay into a trust account maintained by the provider—

        (a)     any course money that is not a tuition fee; and

        (b)     the prescribed percentage of any course money that is a tuition fee.

(2) The title of a trust account established by a provider for the purposes of subsection (1) shall include—

        (a)     the name of the provider or, if the provider carries on the business under a registered business name, the name under which the provider carries on business; and

        (b)     the words “Trust Account”.

(3) A private provider shall, within 48 hours after opening a trust account, notify the Chief Executive of the name and address of the bank at which the trust account is maintained and the title of the account.

Penalty: $500.

(4) A private provider shall not withdraw or pay money out of a trust account except—

        (a)     for the purpose of refunding the money to the student by whom it was paid; or

        (b)     as permitted by the regulations.

(5) A private provider shall not, without reasonable excuse, fail to comply with subsection (1) or (4).

Penalty (for a contravention of subsection (5)): $5,000 or imprisonment for 6 months, or both.