New South Wales Consolidated Acts

RESIDENTIAL TENANCIES ACT 2010 - SECT 162

162 Deposit of rental bonds

(1) A landlord, landlord's agent or other person who receives an amount of rental bond must deposit that amount with the Secretary within the deposit period together with a notice in the approved form.

(2) A rental bond may, if the landlord and tenant agree, be paid by instalments commencing on or at any time after the signing of the residential tenancy agreement.

(3) The deposit periods for a rental bond (other than a bond paid by instalments) are as follows--

(a) for a bond paid to a landlord or person other than a landlord's agent--10 business days after the bond is paid or such other period as may be prescribed by the regulations,

(b) for a bond paid to a landlord's agent--10 business days after the end of the month in which the bond is paid or such other period as may be prescribed by the regulations.

(4) The deposit periods for a rental bond paid by instalments are as follows--

(a) if the total amount of the bond is paid within 3 months of the first instalment being paid--10 business days after the total bond is paid,

(b) if the total amount is not paid within 3 months of the first instalment being paid, for any instalments paid within that period--3 months after the first instalment is paid or 10 business days after each instalment is paid (whichever occurs later),

(c) if one or more instalments are paid after 3 months of the first instalment being paid--every 3 months until the bond is fully paid.

(5) A person who contravenes this section is guilty of an offence.

: Maximum penalty--20 penalty units.

(6) This section does not apply if--

(a) the rental bond is refunded or becomes refundable, or

(b) the rental bond becomes the subject of proceedings before the Tribunal or a court in relation to a residential tenancy agreement.