29Bonds

29 Bonds (1) Subject to section 30, a landlord must not: (a) require more than one bond or security deposit in relation to the same tenancy agreement; or (b) require the payment of a security deposit of an amount greater than the money payable under the agreement for 4 weeks rent. (2) Subject to section 30, for the purposes of subsection (1)(b), the money payable under the agreement for 4 weeks rent is the lowest amount payable for a week's rent under the agreement at the time it was made (not including an amount payable as a rent rebate) multiplied by 4. (3) Money paid to a landlord as a security deposit is, subject to this section, to be held by the landlord in trust for the tenant. (4) The landlord must pay money paid to the landlord as a security deposit into an account established for the purposes of section 50 of the Agents Licensing Act 1979 or an account kept by the landlord at: (a) an ADI; or (b) a statutory corporation of the Territory or of the Commonwealth. (5) If a landlord who holds money in trust for a tenant under subsection (3) intends to leave the Territory for a period of more than 14 days, the landlord must, before leaving the Territory: (a) pay the money to a real estate agent or to a person approved in writing by the Commissioner; and (b) notify the tenant of the name of the real estate agent or Residential Tenancies Act 1999 22 (6) If money is paid under subsection (5) to a real estate agent or to a person approved in writing by the Commissioner: (a) subsection (3) ceases to apply to the landlord; and (b) subject to this section, the money is to be held by the real estate agent or person in trust for the tenant; and (c) subsection (4), section 32 and Part 12 apply to the real estate agent or person as if he or she were the landlord; and (d) if the money has not been returned to the tenant under Part 12, the real estate agent or person must, at the request of the landlord under subsection (7), return the money to the (7) The landlord may, within 14 days after he or she returns to the Territory, request the real estate agent or person holding the money under subsection (6) to return the money to the landlord. (8) If money is returned to the landlord under subsection (6)(d): (a) subsections (3) and (4) apply to the landlord; and (b) subsection (6) ceases to apply in relation to the real estate agent or person.