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Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.
Clause 2 provides that the proposed Act will commence on a day or days to
be appointed by proclamation.
Clause 3 is a formal provision that gives effect to the Schedule of
amendments to the Casino Control Act 1992.
Schedule 1
Amendments
Section 75 of the Casino Control Act 1992 allows the Casino to establish a
deposit account for a patron of the Casino to which may be credited cash and
cheques (including travellers cheques). The Casino can then debit chip
vouchers against the patron's deposit account. To prevent the extension of
credit to patrons, the Casino is currently required to bank cheques (other than
travellers cheques) within 1 working day and must not agree to the
redemption of a cheque for the purpose of avoiding this requirement.
Proposed section 75 (6) (b) and (6A) (as inserted by Schedule 1 [3] and [4])
changes the requirement imposed on the Casino to bank cheques (other than
travellers cheques) paid into a patron's deposit account so that:
(a) cheques drawn on an account located outside Australia must be banked
within 20 working days, and
(b) cheques for $5,000 or more that are drawn on an account located in
Australia must be banked within 10 working days, and
(c)
all other cheques must be banked within 1 working day.
The requirement that the Casino must not agree to redeem cheques for the
purpose of avoiding the banking requirement remains.
Schedule 1 [1] makes a consequential amendment.
Schedule 1 [2] inserts proposed section 76 (5A) to allow electronic funds
transfer as an additional manner in which such cheques can be redeemed by a
patron (currently this can be done by cash or cheque, including a traveller's
cheque, or a combination of these).
Schedule 1 [5] amends Schedule 4 (Savings and transitional provisions) to
provide that the new provisions will not apply to cheques accepted by the
Casino before the commencement of the proposed amendments (except that
electronic funds transfer redemption will be allowed for cheques that have
already been accepted).
Explanatory note page 2