AGY-1800 | Rental Bond Board

Full description

The Rental Bond Board was constituted under the provisions of the Landlord and Tenant (Rental Bonds) Act, 1977 (Act No.44, 1977) (1) which was proclaimed on 22 July 1977. (2) The Act conferred and imposed on the Board certain powers, authorities, duties and functions. It also requires that lessors of residential premises deposit rental bonds with the Board. The Act also enabled the investment and expenditure of interest on rental bonds (3).

The Rental Bond Board is a statutory authority of the NSW Government established in 1977 to act as an independent and impartial custodian of rental bonds taken on private tenancies in NSW.

Prior to the establishment of the Board, landlords held rental bonds in trust. Many tenants experienced difficulties contesting refund on the bond. The Board provides a more equitable and fair system of custody, in which tenants and landlords have equal access to claiming the bond at the termination of the tenancy.

The Board is a non-dividend Government trading enterprise, and therefore self-funding.

A secondary purpose of the Board is the funding of Government tenancy and housing programs through the interest earned from investment of rental monies held. (4)

Footnotes and References
(1) Landlord and Tenant (Rental Bonds) Act, 1977.
(2) NSW Government Gazette, 22 July 1977, p.3036.
(3) Landlord and Tenant (Rental Bonds) Act, 1977.
(4) Rental Bond Board Annual Report for the year ended 30 June 1993, p.4.