Queensland Consolidated Acts

RESIDENTIAL TENANCIES ACT 1994 - SECT 60

(1) This section applies to a lessor under an agreement if--

(a) financial protection against a breach of the agreement by the tenant is given to the lessor (whether by a guarantee or undertaking given by a financial institution or in another way); and

(b) the financial protection is not given in the form of a rental bond; and

(c) the maximum rental bond for the agreement is not paid.

(2) Within 10 days after the financial protection is given, the lessor must pay to the authority an amount equal to--

(a) the maximum rental bond for the agreement; or

(b) if a rental bond less than the maximum rental bond has been paid--the difference between the maximum rental bond and the amount of rental bond actually paid.

Maximum penalty--40 penalty units.

(3) An amount paid, or required to be paid, by the lessor under subsection (2) is taken to be a rental bond.