Western Australian Numbered Acts

RESIDENTIAL PARKS (LONG-STAY TENANTS) ACT 2006 (NO. 32 OF 2006) - SECT 22

22 .         Payment of bond to bond administrator or trust account

        (1)         When a park operator receives a security bond, the park operator must, within 14 days, deposit an amount equal to the amount of the bond —

            (a)         with the bond administrator or a bond agent; or

            (b)         into a separate ADI account held in the names of the park operator and the long-stay tenant and entitled “tenancy bond account”.

        Penalty: a fine of $20 000.

        (2)         When a real estate agent receives a security bond as the agent of a park operator in relation to a long-stay agreement, the real estate agent must deposit an amount equal to the amount of the bond into —

            (a)         the tenancy bond trust account held by the agent for the purposes of the Residential Tenancies Act 1987 as mentioned in Schedule 1 clause 2(3)(a) of that Act; or

            (b)         a separate trust account entitled “tenancy bond trust account” that is maintained by the agent in accordance with the Real Estate and Business Agents Act 1978 Part VI.