Housing Loans Insurance Regulations (Cth)

Statutory Rules

1978 No. 77.

REGULATIONS UNDER THE HOUSING LOANS INSURANCE ACT 1965*

WHEREAS it is provided by sub-section 47 (2) of the Housing Loans Insurance Act 1965 that, after the Housing Loans Insurance Corporation commences to carry on business, regulations—

(a) prescribing securities to be approved securities for the purposes of that Act; or

(b) declaring interests in land to be prescribed interests for the purposes of that Act,

or any regulations amending or repealing any such regulations, shall not be made unless the regulations arc in accordance with a recommendation made to the Minister by the Corporation:

AND WHEREAS the Housing Loans Insurance Corporation commenced to carry on business as provided by that Act on 26 November 1965:

AND WHEREAS, in pursuance of that sub-section, the Housing Loans Insurance Corporation has made a recommendation to the Minister of State for Environment, Housing and Community Development for the making of regulations in relation to the matters referred to in that sub-section:

NOW THEREFORE I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, in accordance with that recommendation, hereby make the following Regulations under the Housing Loans Insurance Act 1965.

Dated this twenty-fourth day of May 1978.

ZELMAN COWEN

Governor-General

By His Excellency’s Command

Minister of State for Environment, Housing and Community Development

 

* Notified in the Commonwealth of Australia Gazette on 30 May 1978.

13579/77 Cat. No. —Recommended retail price 15c 12/23 2.1978

HOUSING LOANS INSURANCE REGULATIONS

Citation

1. These Regulations may be cited as the Housing Loans Insurance Citation Regulations.

Repeal of former Housing Loans Insurance Regulations

2. Statutory Rules 1966, No. 74, Statutory Rules 1967, No. 8, Statutory Rules 1968, No. 19, Statutory Rules 1974, No. 41 and Statutory Rules 1975, No. 42 are repealed.

Interpretation

3. In these Regulations, unless the contrary intention appears—

“ Land Act ” means the Land Act 1958 of the State of Victoria or that Act as in force from time to time;

“ the Act ” means the Housing Loans Insurance Act 1965.

Prescribed interests

4. (1) For the purposes of the Act, a right to occupy Crown land as a residence area, being a right in force under section 165 of the Land Act, is—

(a) if that right is an interest in land—declared to be a prescribed interest; or

(b) if that right is not an interest in land—declared to be deemed to be a prescribed interest.

(2) For the purposes of the Act, a licence to enter upon Crown land, being a licence in force under section 138 of the Land Act, is—

(a) if that licence is an interest in land—declared to be a prescribed interest; or

(b) if that licence is not an interest in land—declared to be deemed to be a prescribed interest.

Approved securities

5. (1) For the purposes of the definition of “ approved security ” in sub-section 4 (1) of the Act, a prescribed interest referred to in paragraph 4 (1) (a) or (b) is specified in respect of the following kinds of security:

(a) a first encumbrance or an encumbrance that will, upon being registered under the Land Act, constitute a first encumbrance;

(b) an encumbrance so registered and having priority subject only to a first encumbrance, or to a first encumbrance and another encumbrance or other encumbrances, so registered;

(c) an encumbrance that will, upon being so registered, take priority subject only to a first encumbrance, or to a first encumbrance and another encumbrance or other encumbrances, so registered.

(2) For the purposes of the definition of “ approved security ” in sub-section 4 (1) of the Act, a prescribed interest referred to in paragraph 4 (2) (a) or (b) is specified in respect of the following kinds of security:

(a) a first lien over the improvements on Crown land described in a licence in force under the Land Act or a lien over such improvements being a lien that will, upon being registered under the Land Act, constitute a first lien over such improvements;

(b) a lien over such improvements, being a lien so registered and having priority subject only to a first lien over such improvements, or to a first lien over such improvements and another lien or other liens over such improvements, being a lien or liens so registered;

(c) a lien over such improvements, being a lien that will, upon being so registered, take priority subject only to a first lien over such impovements, or to a first lien over such improvements and another lien or other liens over such improvements, being a lien or liens so registered.

Prescribed dealers in the short-term money market

6. For the purposes of paragraph 34 (1) (c) of the Act, the dealers in the short-term money market specified in Schedule 1 are prescribed dealers.

Assignment of contract of insurance

7. (1) For the purposes of section 42 of the Act, a contract of insurance may be assigned by the assignor or assignee lodging with the Corporation a memorandum of assignment of the contract of insurance, being a memorandum substantially in accordance with the form in Schedule 2.

(2) Where a memorandum of assignment of a contract of insurance is lodged with the Corporation under sub-regulation (1), the Corporation shall cause—

(a) the memorandum of assignment to be kept in safe custody;

(b) the date of lodgment of the memorandum of assignment to be entered on the memorandum of assignment;

(c) the entry referred to in paragraph (b) to be signed by an officer of the Corporation; and

(d) notice of lodgment of the memorandum of assignment to be furnished to the assignee or a person authorized by the assignee to receive the notice.

SCHEDULE 1 Regulation 6

PRESCRIBED DEALERS IN THE SHORT-TERM MONEY MARKET

All-States Discount Limited

A.M.P. Discount Corporation Limited

Capel Court Securities Limited

Delfin Discount Company Limited

First Federation Discount Co. Limited

National Discount Corporation Limited

Short Term Acceptances Limited

Trans City Discount Limited

United Discount Company of Australia Limited

———————

SCHEDULE 2 Regulation 7

COMMONWEALTH OF AUSTRALIA

Housing Loans Insurance Regulations

MEMORANDUM OF ASSIGNMENT OF A CONTRACT OF INSURANCE

I (or We), (full name of assignor and, if assignor is an individual, his address) hereby assign to (full name of assignee and, if assignee is an individual, his address)contract of insurance No. entered into by the Housing Loans Insurance Corporation in relation to a loan made by (full name of lender and, if lender is an individual, his address) to (full name of borrower or, if borrower is an individual, his surname).

The assignee has (or has not) entered into an agency contract within the meaning of the Housing Loans insurance Act 1965 in relation to the loan.

Dated this day of 19 .

Signed by the assignor (signature)

at (place of signing)

in the presence of

(signature, full name and address of witness)

Signed by the assignee (signature)

at (place of signing)

in the presence of

(signature, full name and address of witness)

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