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
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
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 —
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
inviting them to apply under the Act for disposal of the security bond; and
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
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