Property Manager Fined $10,000 for Late Lodgement of Rental Bond

A magistrate has fined Just Property Management, a company in Bunbury, WA, $10,000 for taking an excessive amount of time to lodge security bonds with the regional bond administrator.
According to Consumer Protection spokesperson, Stephen Meagher, Just Property neglected to lodge the bonds “as soon as practicable”, which is the condition stipulated by the Residential Tenancies Act.
He said that while the courts interpret this as meaning the ensuing business day, up to 14 days grace is given by Consumer Protection before they begin an investigation.
Meagher pointed out that tenants of rental properties are entitled to feel confident that their bond money is in a secure facility.
In this case against Just Property, the bonds were submitted between 2 and 7 weeks late, according to Meagher.
He emphasised how important it is for security bonds to be lodged with a bond administrator as quickly as possible so that tenants trust their money is secure and safe.
Source: http://www.abc.net.au/news/2013-05-22/property-manager-fined-10k-for-lodging-bonds-late/4706212?&section=news

Follow loans.com.au

x-smallsmallmediumlarge