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New rules on security deposits under Renting Homes Wales

Guidance on Deposits and Deposit Schemes (Wales)

PROP.DPS.01

Under the Renting Homes (Wales) Act 2016 (‘the Act’) which comes into force 15 July 2022, deposits paid by contract-holders must be protected in an authorised deposit scheme in accordance with sections 43-47, and Schedule 5 of the Act.

This Guidance looks at the new requirements, under the Act, on landlords to safeguard deposits paid by contract-holders (or any person who pays a deposit on their behalf) in connection with a standard occupation contract. It also looks at the provisions in the Act to resolve disputes arising in connection with such deposits.

The Guidance also looks at the provisions relating to holding deposits in Wales (which operate differently to security deposits) and the penalties for non-compliance of the Act and supporting legislation. Security deposits for occupation contracts in Wales are not currently capped but the Renting Homes (Fees etc.) (Wales) Act 2019 gives the Welsh Government the power to introduce caps in the future.

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