40Bonds

40 Bonds (1) An operator commits an offence if the operator requires the payment of: (a) more than one security deposit for the same caravan park (b) a security deposit of an amount greater than the rent payable under the agreement for 4 weeks. (2) For subsection (1)(b), the money payable under the agreement as rent for 4 weeks is the lowest amount payable for a single week under the agreement, at the time it was made, multiplied by 4. (3) Money paid to an operator as a security deposit must be held by the operator in trust for the resident. (4) An operator commits an offence if the operator does not deposit an amount paid to the operator as a security deposit into: (a) an account established for section 50 of the Agents Licensing Act 1979; or (b) a prescribed account kept by the operator. (5) An offence against subsection (1) or (4) is an offence of strict (6) It is a defence for subsection (4) if the defendant proves the defendant: (a) operates a prescribed account as a trust account; and (b) maintains an amount of money in the trust account that is at least equal to all amounts of money the defendant may receive under subsection (1) as security deposits if all caravans and caravan sites at the caravan park were occupied under caravan park agreements.