Housing Indemnity Amendment Act 2003 (TAS)

Housing Indemnity Amendment Act 2003

An Act to amend the Housing Indemnity Act 1992

[Royal Assent 17 November 2003]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1Short titleThis Act may be cited as the Housing Indemnity Amendment Act 2003 . 2CommencementThis Act commences on the day on which this Act receives the Royal Assent. 3Principal ActIn this Act, the Housing Indemnity Act 1992 is referred to as the Principal Act. 4Section 3 amended (Interpretation) Section 3 of the Principal Act is amended by omitting "$50 000" from the definition of the prescribed insurance cover and substituting "$200 000". 5Section 5 amended (Exclusion of certain building work) Section 5(1)(a) of the Principal Act is amended by omitting "$5 000" and substituting "$12 000". 6Section 12 amended (Requirements of insurance policies)Section 12 of the Principal Act is amended as follows: (a) by inserting "(1)" before "A policy"; (b) by omitting paragraph (c) of subsection (1) (as renumbered); (c) by inserting the following subsection: (2)  If the builder has failed to complete the building work and after due search and enquiry cannot be found, the amount of insurance cover is not to exceed one-fifth of the contract price. 7Section 20 amended (Restrictions on payment under building work contracts) Section 20 of the Principal Act is amended by omitting paragraph (b) and substituting the following paragraphs: (b) in the case of a payment made before the commencement of building work having a value of less than $20 000 or such other amount as may be prescribed, is not more than 10% of the contract price; or (c) in the case of a payment made before the commencement of building work having a value of $20 000 or more or such other amount as may be prescribed, is not more than 3% of the contract price.

[Second reading presentation speech made in:

House of Assembly on 28 OCTOBER 2003

Legislative Council on 6 NOVEMBER 2003]