2(1)A payment of a security deposit is a permitted payment.E+W
(2)In this Act, “security deposit” means money paid as security for—
(a)the performance of any obligations of a contract-holder, or
(b)the discharge of any liability,
arising under or in connection with an occupation contract.
(3)But if the amount of the security deposit exceeds the prescribed limit, the amount of the excess is a prohibited payment.
(4)In sub-paragraph (3), the “prescribed limit” means a limit specified by, or determined in accordance with, regulations.
Commencement Information
I1Sch. 1 para. 2 in force at 1.9.2019 by S.I. 2019/1150, art. 2(c)