Victorian Consolidated Legislation

Residential Tenancies Act 1997 - SECT 50

Application and holding deposits

50. Application and holding deposits

A person who in respect of a proposed tenancy agreement receives a payment
from a tenant as a sign of good faith must refund the payment to the tenant-

   (a)  on the agreement being entered into, if it is entered into before the
        end of 14 days after the day on which the person received the payment;
        or

   (b)  on the next business day after the end of that period, if the
        agreement was not entered into within that period.

Penalty: 5 penalty units.