Bill
Competition and Consumer Amendment (Payment Surcharges) Bill 2015
passed, as at 2016-02-25. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
Divisions
- Peter Whish-Wilson I wish to move amendments, but I actually seek clarification from the Clerk as to exactly how I move these, because I still do not have a schedule in front of me. The Acting Deputy President I advise that there is not a running sheet. You can by leave move all your amendments together. Peter Whish-Wilson by leave—I move all Greens amendments on sheet 7841 together: (1) Schedule 1, item 2, page 3 (after line 27), after subsection (2F), insert: (2G) In addition to the effect that this Act (other than Parts IIIA, VIIA and X) has as provided by another subsection of this section, this Act (other than Parts IIIA, VIIA and X) has, by force of this subsection, the effect it would have if: (a) each reference in Part IVD to an ATM transaction were a reference to an ATM transaction that occurs: (i) by means of a postal, telegraphic, telephonic, or other like service (including electronic communication); or (ii) by means of an automatic teller machine provided by a bank (other than a State bank), or any other institution engaged in banking, in the course of banking (within the meaning of section 51(xiii) of the Constitution); and (b) each reference to a corporation included a reference to a person not being a corporation. (2) Schedule 1, item 3, page 10 (after line 32), after Part IVC, insert: Part IVD—ATM transactions Division 1—Preliminary 55P Object of this Part The object of this Part is to ensure that: (a) account holders are not charged for ATM transactions made using automatic teller machines owned or leased by the persons with whom their accounts are held; and (b) amounts charged for other ATM transactions: (i) are not excessive; and (ii) reflect the reasonable costs of allowing a person to make an ATM transaction. 55Q Definitions In this Part: _ ATM transaction_ means a cash deposit to, a cash withdrawal from, or an enquiry about the balance of, an account that is made by means of an automatic teller machine. 55R Part not to apply to State banking T — 2016-02-22, Senate: negative, ayes 12, noes 31
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Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-12-03.
The bill would ban payment surcharges that are higher than the cost of accepting the payment method.
The ban would apply to payments covered by a Reserve Bank standard or regulations, and the Australian Competition and Consumer Commission would be the main enforcement agency.
The ban would start on the day the bill becomes law, but would only take effect once a new Reserve Bank standard or regulations set the allowed surcharge.
- The bill would establish a framework to ban excessive payment surcharges.
- The bill would make the Australian Competition and Consumer Commission the primary enforcement agency with enforcement powers.
- The bill would set the commencement date as the day of Royal Assent, with substantive effect tied to new standards or regulations.
Businesses and consumers involved in payment transactions covered by Reserve Bank standards or regulations.
Sources
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billhome
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frl act
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