Western Australian Current Acts

EDUCATION SERVICE PROVIDERS (FULL FEE OVERSEAS STUDENTS) REGISTRATION ACT 1991 - SECT 16

16 .         Safeguarding students’ funds

        (1)         This section applies to any education service provider specified in writing by the chief executive officer.

        (2)         For the purposes of ensuring that any fees, charges and other moneys ( students’ funds ) are properly applied to the purposes for which they have been paid the chief executive officer may direct that any students’ funds paid or payable by full fee overseas students in relation to any education service provided or to be provided by an education service provider to which this section applies shall be paid into an account or accounts approved by the chief executive officer (an approved account ), or, into a trust account nominated by the chief executive officer, (an approved trust account ), or both.

        (3)         Without affecting the generality of section 49(1) the Governor may make regulations with respect to —

            (a)         the operation of approved accounts and approved trust accounts;

            (b)         payments into and out of approved accounts and approved trust accounts;

            (c)         persons to whom interest derived from students’ funds shall be paid.

        (4)         A person who contravenes or fails to comply with a regulation made under this section commits an offence.

        Penalty: $15 000 or imprisonment for 2 years or both.