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(1)The appropriate national authority must make arrangements for securing that one or more tenancy deposit schemes are available for the purpose of safeguarding tenancy deposits paid in connection with shorthold tenancies.
(2)For the purposes of this Chapter a “tenancy deposit scheme” is a scheme which—
(a)is made for the purpose of safeguarding tenancy deposits paid in connection with shorthold tenancies and facilitating the resolution of disputes arising in connection with such deposits, and
(b)complies with the requirements of Schedule 10.
(3)Arrangements under subsection (1) must be arrangements made with any body or person under which the body or person (“the scheme administrator”) undertakes to establish and maintain a tenancy deposit scheme of a description specified in the arrangements.
(4)The appropriate national authority may—
(a)give financial assistance to the scheme administrator;
(b)make payments to the scheme administrator (otherwise than as financial assistance) in pursuance of arrangements under subsection (1).
(5)The appropriate national authority may, in such manner and on such terms as it thinks fit, guarantee the discharge of any financial obligation incurred by the scheme administrator in connection with arrangements under subsection (1).
(6)Arrangements under subsection (1) must require the scheme administrator to give the appropriate national authority, in such manner and at such times as it may specify, such information and facilities for obtaining information as it may specify.
(7)The appropriate national authority may make regulations conferring or imposing—
(a)on scheme administrators, or
(b)on scheme administrators of any description specified in the regulations,
such powers or duties in connection with arrangements under subsection (1) as are so specified.
(8)In this Chapter—
“authorised”, in relation to a tenancy deposit scheme, means that the scheme is in force in accordance with arrangements under subsection (1);
“custodial scheme” and “insurance scheme” have the meaning given by paragraph 1(2) and (3) of Schedule 10);
“money” means money in the form of cash or otherwise;
“shorthold tenancy” means an assured shorthold tenancy within the meaning of Chapter 2 of Part 1 of the Housing Act 1988 (c. 50);
“tenancy deposit”, in relation to a shorthold tenancy, means any money intended to be held (by the landlord or otherwise) as security for—
the performance of any obligations of the tenant, or
the discharge of any liability of his,
arising under or in connection with the tenancy.
(9)In this Chapter—
(a)references to a landlord or landlords in relation to any shorthold tenancy or tenancies include references to a person or persons acting on his or their behalf in relation to the tenancy or tenancies, and
(b)references to a tenancy deposit being held in accordance with a scheme include, in the case of a custodial scheme, references to an amount representing the deposit being held in accordance with the scheme.
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