Western Australian Current Acts Western Australian Current Acts (1) An AFI must ensure
that the following records are kept, in a form approved by the Minister, in
relation to each security bond held in the AFI —
(a) the
name and number of the account in which the security bond is held in the AFI;
(b) the
amount of the security bond;
(c) the
date the security bond was paid into the account.
(2) The AFI must hold
a security bond on the following terms —
(a)
interest at a rate not less than the prescribed rate must accrue on the amount
of the bond for the period during which it is held by the AFI;
(b) the
amount of interest accrued at the prescribed rate must be paid, at such times
as are prescribed, to the Rental Accommodation Account and if interest is paid
at a rate exceeding the prescribed rate, the amount of interest accrued above
the prescribed rate must be paid, at such times as are prescribed, to the
person who paid the bond;
(c) the
AFI may deduct from a payment to the credit of the Rental Accommodation
Account or from a payment to a tenant under paragraph (b) an amount not
exceeding the amount of the fee as is prescribed in respect of a payment of
that kind;
(d) the
amount of the security bond must be paid out in accordance with section 96.
(3) In regulations
made under section 88 the prescribed rate referred to in subsection (2)(a) and
(b) may be prescribed by reference to a prescribed market rate indicator.
[Section 94 inserted: No. 60 of 2011 s. 86;
amended: No. 3 of 2019 s. 24.]