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RESIDENTIAL TENANCIES REGULATIONS 1989 - REG 15

15 .         Disposal of unclaimed security bonds

        (1)         This regulation applies where a bond holder has reason to believe that 6 months have elapsed since the termination of a residential tenancy agreement and a security bond held in respect of that agreement — 

            (a)         has not been paid in accordance with an application under clause 5(1)(a) or 7(1)(a) or (3)(a)  4 of Schedule 1 to the Act, as the case may require; or

            (b)         has not been the subject of an application under clause 8 of that Schedule.

        (2)         Where this regulation applies, the bond holder shall give notice in writing to the owner and the tenant in whose names the security bond is held — 

            (a)         informing them that the bond holder has reason to believe that 6 months have elapsed since the termination of the residential tenancy agreement and that the security bond has not been dealt with in accordance with the Act; and

            (b)         inviting them to apply under the Act for disposal of the security bond; and

            (c)         notifying them that if the security bond is still in the hands of the bond holder after 60 days from the date of the notice the amount will be paid to the Unclaimed Security Bond Account.

        (3)         If after 60 days from the date of a notice under subregulation (2) the security bond is still in the hands of the bond holder, the bond holder shall pay the amount to the Unclaimed Security Bond Account.

        (4)         A security bond that remains in the Unclaimed Security Bond Account at the expiration of 6 years from the day on which it is paid into that account shall be paid into the Consolidated Revenue Fund  5 .

        (5)         Clauses 5(1), (2) and (3) and 8 of Schedule 1 to the Act apply to a security bond while it is in the Unclaimed Security Bond Account.

        (6)         For the purposes of this regulation, the bond administrator shall establish in the Rental Accommodation Account referred to in clause 3 of Schedule 1 to the Act an account called the Unclaimed Security Bond Account.

        (7)         In this regulation — 

        bond holder means the bond administrator or an authorised financial institution as defined in Schedule 1 of the Act;

        security bond includes part of a security bond;

        Unclaimed Security Bond Account means the account established under subregulation (6).

        [Regulation 15 amended: Gazette 25 Jun 1996 p. 2905; 31 Jul 2007 p. 3791.]

[ 16.         Deleted: Gazette 3 May 2013 p. 1756.]



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