📜 Home Building Contracts Amendment Bill 2002
Legislative Assembly Third ReadLA26 June 2002
The Home Building Contracts Amendment Bill 2002 amends the Home Building Contracts Act 1991 to include mutuals and approved funds as providers of home indemnity insurance (HII), clarifies HII requirements for cost plus contracts, and removes mandatory HII for developers regarding loss of deposit and non-completion, while retaining it for defective workmanship.
Impact
Builders, owner-builders, developers, and homeowners are affected. The bill aims to make home indemnity insurance more accessible and affordable, particularly by allowing mutuals to compete in the market. Developers will no longer need HII for loss of deposit or non-completion.
Key Changes
["Allows mutuals and approved funds to provide home indemnity insurance (HII) or 'corresponding cover'.", "Clarifies that HII is required for cost plus contracts.", "Removes the requirement for mandatory HII cover for developers regarding loss of deposit and non-completion."]
Parliamentary Progress
- LA Second Reading MovedLA26 June 2002
- LA IntroducedLA26 June 2002
- LA Second Reading AgreedLA28 June 2002
- LA Consideration in DetailLA28 June 2002
- LA Third ReadingLA28 June 2002
Affected Sectors
constructionfinancehousing
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