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Residential Tenancies Act 1986

Tenancy agreements - Key money, bonds, and rents

20: Duties of chief executive in relation to bonds

You could also call this:

“The boss of the rental office must safely keep the money you give as a bond and tell you and your landlord about it.”

When a landlord sends money for a bond to the chief executive, the chief executive must do three things for you:

First, they must put the money into a special account called the Residential Tenancies Trust Account.

Second, they must give the landlord a written receipt. This receipt will show important information about the bond payment. It will include the address of the place you’re renting, the landlord’s name, your name as the tenant, how much money was paid and what it was for, and the date when the chief executive received the payment.

Third, the chief executive must give you, the tenant, a copy of the same receipt that was given to the landlord.

This process helps make sure that your bond money is properly recorded and kept safe.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM95046.

Topics:
Housing and property > Renting
Money and consumer rights > Banking and loans
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19: Duties of landlord on receipt of bond, or

“When a landlord receives money for a bond, they must give a receipt and send the money to the government quickly.”

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21: Tenant may pay bond direct to chief executive with landlord's consent, or

“If the landlord agrees, you can pay your rental bond directly to the government instead of to the landlord.”

Part 2 Tenancy agreements
Key money, bonds, and rents

20Duties of chief executive in relation to bonds

  1. Where a landlord forwards to the chief executive any amount paid by way of bond, the chief executive shall—

  2. deposit the money into the Residential Tenancies Trust Account:
    1. give to the landlord a written receipt showing—
      1. the address of the premises to which the payment relates; and
        1. the name of the landlord; and
          1. the name of the tenant; and
            1. the amount and nature of the payment; and
              1. the date of the receipt by the chief executive of the payment:
              2. give to the tenant a copy of the receipt issued in accordance with paragraph (b).

                Notes
                • Section 20: replaced, on , by section 4 of the Residential Tenancies Amendment Act 1992 (1992 No 79).