30Release of security deposits

30 Release of security deposits

(1)  Provided a tenant has performed all of the tenant’s obligations under a lease, a landlord and tenant may agree, in writing, to all or part of the amount of a security deposit paid by the tenant to be paid out to the parties in accordance with the terms of that written agreement.

(2)  Either party to a retail lease may, in writing, seek the agreement of the other party to the lease for all, or part, of the amount of a security deposit to be paid in accordance with subsection (1) .

(3)  A landlord must release all or part of the amount of a security deposit to the tenant within –

(a) if an agreement is made under this section for the release of the amount or part, 60 days of the date of that agreement; or

(b) if the release of the amount or part is the result of a dispute determined under Part 11 , 60 days of the date of the resolution of the dispute.

(4)  In this section, a reference to a security deposit includes a reference to the drawdown by a landlord of a guarantee from an authorised deposit-taking institution that was accepted by the landlord in satisfaction of the requirement of the tenant to pay a security deposit.