870. Insurance schemes; in general.

The following provisions apply to an insurance scheme1.

The scheme must make provision as to the requirements that fall to be complied with by the landlord2 or by the scheme administrator where3:

  1.  

    (1)     a landlord wishes to retain a tenancy deposit4 under the scheme5; or

  2.  

    (2)     a landlord retaining a tenancy deposit under the scheme, in relation to a tenancy that has not terminated, gives notice to the scheme administrator that he no longer wishes to retain the deposit under that scheme6.

In the case of a notice of the kind mentioned in head (2) above which has not been withdrawn,