Part 4: Consumer rights and disputes Chapter 3: Consumer Savings Schemes Section 282: Meaning of "consumer savings scheme contract"
This section provides the definition of a "consumer savings scheme contract" which is in scope of the Act. They are contracts in which consumers make payments as a form of saving for goods, services or digital content to be supplied by the trader usually at a later date. They should meet at least one additional criterion outlined in subsections (2) to (4) and they should not be explicitly excluded by virtue of section 284, subsection (1) and Schedule 24.
	The policy is to regulate such contracts, in particular to protect consumer payment(s) made to a trader who becomes insolvent before a consumer has been able to redeem their payment(s) for goods, services or digital content.
	In subsection (1), paragraph (a), sub-paragraph (ii) the words "to an account that is held by the trader for the consumer" ("the consumer’s account")" simply means the trader holds money on the consumer’s behalf.