O.C. 408/2004

A.R. 190/2004

September 8, 2004

The Lieutenant Governor in Council makes the Security Deposit Interest Rate Regulation set out in the attached Appendix.

For Information only

Recommended by: Minister of Government Services

Authority: Residential Tenancies Act, 2004 (section 68)


Mobile Home Sites Tenancies Act (section 65)

APPENDIX

Residential Tenancies Act
Mobile Home Sites Tenancies Act

SECURITY DEPOSIT INTEREST RATE REGULATION

Interest rates to 2004

1(1)  For the purposes of section 45(1) of the Residential Tenancies Act and section 50(1) of the Mobile Home Sites Tenancies Act, the annual rate of interest is as follows:

(a) for the period January 1, 1984 to February 28, 1987, 8%;

(b) for the period March 1, 1987 to January 31, 1993, 6%;

(c) for the period February 1, 1993 to June 30, 1994, 3%;

(d) for the period July 1, 1994 to December 31, 1994, 1 1/2%;

(e) for the period January 1, 1995 to December 31, 2004, the rate determined under subsection (2).

(2)  The annual rate of interest for a year to which subsection (1)(e) applies is the rate that is 3 1/2% below the rate of interest that is in effect in December of the previous year for Alberta Savings Certificates or any security issued in that previous year to replace those certificates.

Interest rate after 2004

2   For the purposes of section 45(1) of the Residential Tenancies Act and section 50(1) of the Mobile Home Sites Tenancies Act, the annual rate of interest for 2005 and each following year is the rate that is 3% below the rate of interest that is in effect on November 1 of the previous year for cashable one-year guaranteed investment certificates held or offered by Alberta Treasury Branches Financial.

Repeal

3  The Security Deposit Interest Rate Regulation (AR 446/83) is repealed.

Coming into force

4   This Regulation comes into force on November 1, 2004.