Amounts paid into tenancy bond account to be transferred to bond administrator
101 Amounts paid into tenancy bond account to be transferred to bond administrator
This section applies to a park operator or real estate agent who, on commencement day, holds an amount deposited in a tenancy bond account under former section 22(1)(b) or (2).
The park operator or real estate agent must take all reasonable steps to ensure that the amount is transferred to the bond administrator under amended section 22 or paid to the long‑stay tenant —
if the long‑stay agreement for which the security bond is paid is renewed or the security bond is increased under amended section 24 within 18 months after commencement day — as soon as practicable after the renewal or increase; or
in any other case — within 18 months after commencement day.
Penalty for this subsection: a fine of $5 000.
[Section 101 inserted: No. 28 of 2020 s. 84.]
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