The Renting Homes (Deposit Schemes) (Required Information) (Wales) Regulations 2022

EXPLANATORY NOTE

(This note is not part of the Regulations)

Under paragraph 1 of Schedule 5 (deposit schemes: further provision) to the Renting Homes (Wales) Act 2016 (anaw 1) (“the Act”), the Welsh Ministers must make arrangements for securing that one or more deposit schemes are available for safeguarding deposits paid in connection with occupation contracts and facilitating the resolution of disputes arising in connection with such deposits.

Section 45(2) of the Act requires that where a landlord receives a deposit in connection with an occupation contract, the landlord must, within 30 days of the date on which the deposit is received, comply with any initial requirements imposed by the authorised deposit scheme and give the contract-holder (and person who has paid the deposit on behalf of the contract-holder) the required information. Section 45(3) of the Act provides that the required information is such information as may be prescribed relating to the relevant authorised deposit scheme, the landlord’s compliance with the initial requirements of that scheme and the operation of Chapter 4 of the Act which deals with deposits and deposit schemes. These Regulations prescribe that information.

The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to these Regulations. As a result, a regulatory impact assessment has been prepared as to the likely costs and benefits of complying with these Regulations. A copy can be obtained from the Department of Housing, Welsh Government, Rhydycar Business Park, Merthyr Tydfil, CF48 1UZ.