📜 Home Building Contracts (Indemnity Insurance) Bill 2002
Second reading not agreed toLA8 May 2002Private Member
The Home Building Contracts (Indemnity Insurance) Bill 2002 temporarily limits the operation of the Home Building Contracts Act 1991 regarding home indemnity insurance. It suspends the requirement for compulsory home indemnity insurance for a 12-month period under specific conditions related to contract value and disclosure notices.
Impact
Builders and homeowners are affected. Builders may not need to obtain indemnity insurance for certain contracts, potentially reducing costs. Homeowners may not be covered by indemnity insurance for those contracts, increasing their risk.
Key Changes
["Suspends Section 25C of the Home Building Contracts Act 1991 for 12 months under certain conditions.", "Exempts contracts under $10,000 or over $200,000 from compulsory home indemnity insurance if a disclosure notice is provided.", "Allows regulations to vary the 12-month suspension period."]
Parliamentary Progress
- LA Second Reading MovedLA8 May 2002
- LA IntroducedLA8 May 2002
Affected Sectors
constructionhousing
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