Western Australian Numbered Acts

RESIDENTIAL PARKS (LONG-STAY TENANTS) ACT 2006 (NO. 32 OF 2006) - SECT 92

92 .         Terms on which ADI holds security bond amounts

                A security bond amount paid into an ADI account is to be held by the ADI on the following terms —

            (a)         interest at a rate not less than the prescribed rate accrues on the amount for the period during which the amount is held;

            (b)         the ADI must pay an amount equal to the amount of interest accrued at the prescribed rate into the Rental Accommodation Fund in accordance with the regulations;

            (c)         if interest accrues on the amount at a higher rate than the prescribed rate, the ADI must pay the difference between the amount of interest accrued at the prescribed rate and the amount of interest accrued at the higher rate to the long-stay tenant in accordance with the regulations;

            (d)         the ADI may deduct from an amount paid under paragraph (b) or (c) an amount not exceeding the prescribed fee;

            (e)         the security bond amount must be paid out in accordance with the regulations.