A tenancy deposit scheme1 must be either a custodial scheme, or an insurance scheme2; and each must comply with the specific statutory requirements that are imposed, as the case may be3.
A 'custodial scheme' is a scheme under which:
(1) tenancy deposits4 in connection with shorthold tenancies5 are paid to the landlords6 under the tenancies7;
(2) amounts representing the deposits are then paid by the landlords into a designated account held by the scheme administrator8; and
(3) those amounts are kept by the scheme administrator in that account until such time as, in accordance with the scheme, they fall to
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