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Newfoundland Regulation 2000

NEWFOUNDLAND REGULATION 71/00

NEWFOUNDLAND REGULATION 71/00

Security Deposit Interest Regulations
under the
Residential Tenancies Act, 2000

(Filed August 23, 2000)

Under the authority of subsection 46(2) of the Residential Tenancies Act, 2000, I make the following regulations.

Dated at St. John's, August 23, 2000.

Ernest McLean
Minister of Government Services and Lands

REGULATIONS

Analysis

        1.   Short title

        2.   Interest rate

Short title

        1. These regulations may be cited as the Security Deposit Interest Regulations.

Interest rate

        2. The annual rate of interest to be paid for the period between January 1 and December 31 of a year by a landlord to a tenant on a security deposit under subsection 12(6) of the Act is the rate obtained by subtracting 4% from the average Bank of Canada rate for the 12 month period ending November 30 in the immediately preceding year, rounded to the next higher whole number where the average rate includes a fraction.

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