Application and holding deposits A person who in respect of a proposed residential rental agreement receives a payment from a renter as a sign of good faith must refund the payment to the renter—
(a) on the agreement being entered into, if it is entered into before the end of 14 days after the day on which the person received the payment; or
(b) on the next business day after the end of that period, if the agreement was not entered into within that period.
Penalty: 60 penalty units.
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