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Newfoundland Regulation 2000
Deposit Interest Regulations
Under the authority of subsection 46(2) of the Residential Tenancies Act, 2000, I make the following regulations.
1. Short title
2. Interest rate
1. These regulations may be cited as the Security Deposit Interest Regulations.
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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