Section 25 of the Principal Act is amended as follows:

(a) by omitting subsection (2) and substituting the following subsection:

(2)  A person paying a security deposit under subsection (1) must pay the deposit –

(a) to the Authority; or

(b) if the residential premises are managed on the owner's behalf by a property agent, within the meaning of the Property Agents and Land Transactions Act 2005 , to the Authority or that property agent.

Penalty:  Fine not exceeding 50 penalty units.

(b) by inserting the following subsection after subsection (3) :

(3A)  A person who pays a security deposit to the Authority under subsection (2)(a) , or deposits a security deposit with the Authority under subsection (3) , is to include with the deposit the form specified in section 27(a) .