Section 123SV — Social Security (Administration) Act 1999: Exceptions to Part IV of the Competition and Consumer Act 2010

(1) For the purposes of subsection 51(1) of the Competition and Consumer Act 2010, the declining of a transaction by a financial institution is specified and specifically authorised if the transaction would involve: (a) money in a BasicsCard bank account; and (b) a business of a kind specified in a legislative instrument made under subsection (2). (2) The Secretary may, by legislative instrument, declare a kind of business, whether by reference to merchant category codes, terminal identification codes, card accepted identification codes or otherwise, in relation to which transactions involving money in a BasicsCard bank account may be declined by a financial institution. (3) For the purposes of subsection 51(1) of the Competition and Consumer Act 2010, the declining of a transaction by a supplier of goods or services is specified and specifically authorised if the transaction would involve: (a) money in a BasicsCard bank account; and (b) the obtaining of: (i) excluded goods or excluded services; or (ii) a cash-like product that could be used to obtain excluded goods or excluded services. (4) To avoid doubt, for the purposes of this section, it does not matter whether money in a BasicsCard bank account represents the qualified portion or unqualified portion of a payment.