WA landlords reminded to lodge security bonds
WA landlords reminded to lodge security bonds
Posted on Tuesday, September 17 2013 at 4:34 PM
Landlords in Western Australia are being reminded to lodge new security bonds following changes to the tenancy laws, which came into effect in July.
Consumer
Protection says there’s a transition period for existing bonds, which will need
to be transferred to the Bond Administrator by December 31, 2014.
The
reminder comes after a Port Hedland landlord was recently fined $800 for
failing to lodge a tenant’s bond of $2200.
Commissioner
for Consumer Protection Anne Driscoll says the Residential Tenancies Act, which
governs the handling of bond money, is designed to safeguard the interests of
tenants.
“Changes
to the law now require all new bonds to be lodged with the Bond Administrator
at Consumer Protection immediately. Bonds on existing tenancies still being
held in a trust or other accounts will need to be lodged during the transition
period,” Driscoll says.
“The
requirement that the Bond Administrator eventually holds all bonds in trust
ensures that the money won’t be misappropriated and will help reduce the
disputes that often arise between a tenant and landlord over the return of the
bond at the end of the tenancy.”
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