Textual Amendments
F1Cross-heading preceding Sch. 10 para. 7 inserted (6.4.2007) by The Housing (Tenancy Deposit Schemes) Order 2007 (S.I. 2007/796), art. 12
X1 7 (1)The designated account held by the scheme administrator must not contain anything other than amounts paid into it as mentioned in paragraph 6(3) and any interest accruing on such amounts.E+W
(2)Subject to sub-paragraph (3), the scheme administrator may retain any interest accruing on such amounts.
(3)The relevant arrangements under section 212(1) may provide for any amount paid in accordance with paragraph 6(5)(a) or (6) to be paid with interest—
(a)in respect of the period during which the relevant amount has remained in the designated account, and
(b)at such rate as the [F2Secretary of State] may specify for the purposes of paragraph 3(5)(b).
(4)With the exception of any interest retained in accordance with sub-paragraph (2), nothing contained in the designated account may be used to fund the administration of the scheme.
(5) In this paragraph “ the relevant amount ”, in relation to a tenancy deposit, means the amount, in respect of the deposit, paid into the designated account by virtue of a direction given in accordance with paragraph 6(3). ]
Editorial Information
X1The insertion of the new heading "Insurance schemes - supplementary provisions" in Sch. 10 on 6.4.2007 gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under that new heading.
Textual Amendments
F2Words in Sch. 10 substituted (1.12.2022) by The Renting Homes (Wales) Act 2016 (Consequential Amendments) Regulations 2022 (S.I. 2022/1166), regs. 1(1), 28(9) (with savings and transitional provisions in S.I. 2022/1172, regs. 9, 19)
Commencement Information
I1Sch. 10 para. 7 wholly in force at 6.4.2007; Sch. 10 para. 7 not in force at Royal Assent see s. 270(4)(5); Sch. 10 para. 7 in force for W. at 6.4.2007 by S.I. 2007/305, art. 2; Sch. 10 para. 7 in force for E. at 6.4.2007 by S.I. 2007/1068, art. 2(a)