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S.M. 1992, c. 42
The Residential Tenancies Amendment Act (2)
(Assented to June 24, 1992)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
The Residential Tenancies Act is amended by this Act.
Paragraph 5 of section 29 is repealed and the following is substituted:
The landlord shall
(a) provide to the director a bond, financial instrument or other security for the payment of security deposits and interest, in such form and amount and upon such terms and conditions as may be prescribed by regulation; or
(b) on payment of a security deposit, without delay
(i) deposit and keep the security deposit in a security deposit trust account in the province used exclusively for security deposits, or
(ii) remit the security deposit to the director.
Subsection 30(1) is amended by striking out "by the landlord in trust" and substituting "by the landlord in a security deposit trust account are held in trust,".
Subsection 30(4) is amended by striking out "the landlord holds the security deposit and interest in trust" and substituting "the landlord shall comply with the requirements of paragraph 5 of section 29".
Section 194 is amended:
(a) by repealing clause (c) and substituting the following:
(c) respecting security deposits, including
(i) the books, accounts, records and information respecting security deposits that shall be kept and that shall be provided to the director, and
(ii) the manner in which security deposit trust accounts shall be kept and accounted for;
(b) by repealing clause (d) and substituting the following:
(d) respecting bonds, financial instruments or other securities provided under section 29, including
(i) the form and amount of bonds or securities to be provided,
(ii) the terms and conditions respecting the bonds or securities,
(iii) the conditions upon which, and the manner in which, bonds or securities may be forfeited or realized upon, and
(iv) the disposition of the proceeds of bonds or securities forfeited or realized upon;
Subsection 196(1) is amended by striking out "or" at the end of clause (a), by adding "or" at the end of clause (b) and by adding the following after clause (b):
(c) provide to the director a bond, financial instrument or other security for the payment of security deposits and interest, in conformity with the regulations prescribed under clause 194(d).
This Act comes into force on the day The Residential Tenancies and Consequential Amendments Act, S.M. 1990-91, c.11, comes into force.