Part 4Tenancy deposits
120Tenancy deposits: preliminary
(1)
A “tenancy deposit” is a sum of money held as security for—
(a)
the performance of any of the occupant’s obligations arising under or in connection with a tenancy or an occupancy arrangement, or
(b)
the discharge of any of the occupant’s liabilities which so arise.
(2)
A “tenancy deposit scheme” is a scheme for safeguarding tenancy deposits paid in connection with the occupation of any living accommodation.