sec.119Duty to pay rental bond if financial protection given

### sec.119 Duty to pay rental bond if financial protection given This section applies to a lessor under a residential tenancy agreement, or a provider under a rooming accommodation agreement, if— financial protection against a breach of the agreement by the tenant or resident is given to the lessor or provider (whether by a guarantee or undertaking given by a financial institution or in another way); and the financial protection is not given in the form of a rental bond; and the maximum rental bond for the agreement is not paid. Within 10 days after the financial protection is given, the lessor, provider or the lessor’s or provider’s agent must pay to the authority an amount equal to— the maximum rental bond for the agreement; or 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. An amount paid, or required to be paid, to the authority under subsection (2) is taken to be a rental bond. s 119 amd 2021 No. 19 s 107 s ch 1 pt 1 (sec.119-ssec.1) This section applies to a lessor under a residential tenancy agreement, or a provider under a rooming accommodation agreement, if— financial protection against a breach of the agreement by the tenant or resident is given to the lessor or provider (whether by a guarantee or undertaking given by a financial institution or in another way); and the financial protection is not given in the form of a rental bond; and the maximum rental bond for the agreement is not paid. (sec.119-ssec.2) Within 10 days after the financial protection is given, the lessor, provider or the lessor’s or provider’s agent must pay to the authority an amount equal to— the maximum rental bond for the agreement; or 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. (sec.119-ssec.3) An amount paid, or required to be paid, to the authority under subsection (2) is taken to be a rental bond. - (a) financial protection against a breach of the agreement by the tenant or resident is given to the lessor or provider (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. - (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.