All security bonds to be transferred to bond administrator after renewal of agreement or within 18 months
93 All security bonds to be transferred to bond administrator after renewal of agreement or within 18 months
A lessor under a residential tenancy agreement must take all reasonable steps to ensure that a security bond held in an AFI that was paid in relation to the agreement is paid from the account in accordance with subsection (2) —
if the agreement is renewed — as soon as practicable after the renewal; or
in any other case — not later than 18 months after the commencement day.
Penalty for this subsection: a fine of $5 000.
The security bond is to be paid either —
to the tenant; or
to the bond administrator, in which case section 29(4)(b) and (c) apply, with all necessary changes, to the payment.
[Section 93 inserted: No. 60 of 2011 s. 86; amended: No. 3 of 2019 s. 25; No. 14 of 2025 s. 35(2).]
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