Interest on amounts in trust account
28 Interest on amounts in trust account
This section applies to interest from the investment of any amount paid to the credit of the trust account under this part.
The director‑general must pay the interest into the interest trust account or the ACAT trust account.
The ACT Civil and Administrative Tribunal Act 2008, s 115C sets out how amounts paid into the ACAT trust account may be used.
The director‑general may transfer amounts from the interest trust account to the ACAT trust account.
Interest paid into the interest trust account may be applied for the following purposes:
providing lessor and tenant information programs;
providing dispute resolution services for residential tenancy disputes;
facilitating assistance in the provision of residential accommodation, whether or not the accommodation is provided under this Act;
researching issues of concern to lessors and tenants;
reimbursing the costs incurred by the commissioner in instituting, defending or taking over proceedings in relation to tenancy disputes;
reimbursing the Territory the cost of administering this Act.
In this section:
interest—see the Financial Management Act 1996, dictionary.
interest trust account means the trust bank account maintained by the director‑general of the administrative unit responsible for administering this Act in accordance with the Financial Management Act 1996, section 51.
Division 3.3 Condition of premises and deductions from bond
This Act’s bill:Explanatory statement
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