SCHEDULES
SCHEDULE 10Provisions relating to tenancy deposit schemes
F1Insurance schemes – supplementary provisions
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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.
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).
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1
The scheme must make provision for preventing double recovery by a tenant in respect of the whole or part of the deposit, and may in that connection make provision—
a
for excluding or modifying any requirement imposed by the scheme in accordance with paragraph 6 or 7, and
b
for requiring the repayment of amounts paid to the tenant by the scheme administrator.
2
In this paragraph “ double recovery ”, in relation to an amount of a tenancy deposit, means recovering that amount both from the scheme administrator and from the landlord.
Cross-heading preceding Sch. 10 para. 7 inserted (6.4.2007) by The Housing (Tenancy Deposit Schemes) Order 2007 (S.I. 2007/796), art. 12