Western Australian Current Acts Western Australian Current Acts (1) An amount held in
an ADI account under section 101(1) must be held by the authorised
deposit-taking institution on the following terms —
(a)
interest at a rate not less than the prescribed rate accrues on the amount for
the period during which the amount is held;
(b) the
authorised deposit-taking institution must pay an amount equal to the amount
of interest accrued at the prescribed rate into the Rental Accommodation
Account in accordance with the regulations;
(c) if
interest accrues on the amount at a higher rate than the prescribed rate
— the authorised deposit-taking institution must pay the difference
between the amount of interest accrued at the prescribed rate and the amount
of interest accrued at the higher rate to the long-stay tenant in accordance
with the regulations;
(d) the
authorised deposit-taking institution may deduct from an amount paid under
paragraph (b) or (c) an amount not exceeding the prescribed fee;
(e) the
security bond amount must be paid out in the prescribed manner.
(2) The prescribed
rate under subsection (1) may be prescribed by reference to a prescribed
market rate indicator.
(3) An authorised
deposit-taking institution must ensure that the following records are kept, in
a form approved by the bond administrator, in relation to an amount held in an
ADI account under section 101(1) —
(a) the
name and number of the account in which the amount is held;
(b) the
amount;
(c) the
date the amount was paid into the account.
[Section 102 inserted: No. 28 of 2020 s. 84.]