Bill 95 — Third Session, 19Th Legislature, 30 Elizabeth Ii the Legislative Assembly of Alberta Bill 95 Landlord and Tenant Amendment Act, 1981 (Legislature 19, Session 3)

L19 S3 3967

Alberta — Bills

1981 BILL Third Session, 19th Legislature, 30 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL LANDLORD AND TENANT AMENDMENT ACT, 1981 THE MINISTER OF CONSUMER AND CORPORATE AFFAIRS First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1981 (19th, 3rd) Bill 95, Landlord and Tenant Amendment Act, 1981 Bill BILL LANDLORD AND TENANT AMENDMENT ACT, 1981 (Assented to , 1981) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Landlord and Tenant Act, 1979 is amended by this Act. 2

Section is amended (

a) by repealing subsection (1) and substituting the following: 38(1) Subject to subsection (2), a landlord shall pay annually to the tenant interest on a security deposit consisting of money held by him or anyone on his behalf calculated (

a) at the rate of 6% per year, and (

b) on and after January 1, 1982 at the rate of 12% per year. (

b) in subsection (2) by striking out “of 6% per year”; (

c) in subsection (4) by striking out “6% per year” and sub stituting “the rate prescribed in this section”. In accordance with section 4(1) of The

Interpretation Act, 1980, this Bill comes into force on the date it re ceives Royal Assent. 1 Explanatory Notes This Bill will amend

chapter of the Statutes of Alberta, 1979. 2

Section presently reads: 38(1) Subject to subsection (2), a landlord shall pay annually to the tenant interest on a security deposit consisting of money held by him or anyone on his behalf at the rate of 6% per year.

(2) If a security deposit consists of money, a tenant and his landlord may agree in writing that the interest on the security deposit shall not be paid annually and in that case the interest of 6% per year shall be compounded annually and be paid to the tenant on the termination or expiration of the tenancy.

(3) A landlord is entitled to retain any interest and profit resulting from the investment of a security deposit in excess of the amount of interest payable to the tenant under this section.

(4) If a landlord and tenant agree that interest shall be payable under this

section at a rate higher than 6% per year, subsections (1), (2) and (3) shall be deemed to refer to the higher rate. 1 Title: 1981 (19th, 3rd) Bill 95, Landlord and Tenant Amendment Act, 1981

Document details

Collection	Alberta — Bills
Citation	L19 S3 3967
Type	bill
Volume / chapter	L19 S3 3967
Language	en
Format	json
Source	PROVINCIAL
Identifier	85e1f7821772030526bcca1b471b9496ceea0c69

Source file is stored in the law ingest library (json).