New South Wales Consolidated Acts

LANDLORD AND TENANT (RENTAL BONDS) ACT 1977 - SECT 8

8 Deposit of rental bonds with Board

(1) Where, before the commencement of the Landlord and Tenant (Rental Bonds) Amendment Act 1985 , a lessor under a lease or proposed lease received a deposit or payment of money that, if it had been received after that commencement, would have been a rental bond and the money or its equivalent, as at that commencement:

(a) has not been refunded or become refundable,

(b) has not become the property of that lessor, or

(c) is not subject to prescribed proceedings,

that lessor, or the lessor’s agent, shall, notwithstanding the terms of any agreement, any rule of law or the provisions of any other Act, deposit with the Board within one month after that commencement an amount of money equivalent to the amount deposited or paid.

(2) Where, after the commencement of the Landlord and Tenant (Rental Bonds) Amendment Act 1985 , a lessor receives a rental bond for a lease or a proposed lease, that lessor shall, notwithstanding the terms of any agreement, any rule of law or the provisions of any other Act, deposit with the Board an amount of money equivalent to the amount of that rental bond not later than 7 days (or, where some other period is prescribed for the purposes of this subsection, that other period) after:

(a) the date of receipt of that rental bond, or

(b) the date on which the lease became, or the proposed lease becomes, binding on the parties,

whichever is the later date.

(2A) If a lessor’s agent receives on behalf of the lessor a rental bond for a lease or proposed lease, subsection (2) extends to require the agent to deposit with the Board an amount of money equivalent to the amount of that rental bond and so extends as if a reference in that subsection to “that lessor” were a reference to the agent.

(3) Subsection (1) does not apply to a rental bond that:

(a) is refunded or becomes refundable,

(b) becomes the property of a lessor, or

(c) becomes subject to prescribed proceedings,

during the period referred to in subsection (1).

(4) The Board may, without affecting the obligation imposed on a lessor under subsection (1) or (2), refuse to accept any amount tendered for deposit under subsection (1) or (2) that is not accompanied by a notification in or to the effect of a form approved by the Minister duly completed.

(5) If a rental bond:

(a) exempt or excluded from the operation of subsection (1), or

(b) exempt or excluded from the operation of subsection (2),

pursuant to section 26, subsequently ceases to be so exempt or excluded, this section shall, in respect of that rental bond, be deemed to be amended:

(c) where paragraph (a) applies-by omitting from subsection (1) the words “after that commencement” and by inserting instead the words “after that rental bond ceases to be exempt or excluded from the operation of this subsection”, or

(d) where paragraph (b) applies-by omitting from subsection (2) all matter following the word “after” where secondly occurring, and by inserting instead the words “that rental bond ceases to be exempt or excluded from the operation of this section”.

(6) The Minister, by instrument in writing, may:

(a) generally or in any particular case or class of cases, extend the period prescribed by subsection (1), and

(b) in any particular case or class of cases, extend the period prescribed by or under subsection (2).