Residential Tenancies Amendment Act 2010

82 Residential Tenancies Trust Account

• (1) Section 127(4) is amended by omitting “section 22” and substituting “sections 22 to 22D”.

  (2) Section 127 is amended by inserting the following subsections after subsection (7):

  • “(7A) All money paid into the Residential Tenancies Trust Account as bond money belongs to the Crown and must be paid into a Crown Bank Account if the money—

    • “(a) is not claimed within 6 years of the end of the tenancy to which the bond relates; or

    • “(b) is to be refunded under an approval given by the chief executive, but has not been collected within 6 years of the date of that approval.

  • “(7B) Despite subsection (7A), during the first year after the commencement of this section, payment of money into a Crown Bank Account may be delayed to enable the chief executive to exercise the powers under section 22D.”