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HOUSING INDEMNITY BILL 76 OF 2003

                                      TASMANIA


                                       __________



                HOUSING INDEMNITY AMENDMENT BILL
                              2003

                                       __________


                                     CONTENTS
               1.   Short title
               2.   Commencement
               3.   Principal Act
               4.   Section 3 amended (Interpretation)
               5.   Section 5 amended (Exclusion of certain building work)
               6.   Section 12 amended (Requirements of insurance policies)
               7.   Section 20 amended (Restrictions on payment under
                    building work contracts)




[Bill 76]-IV
 
 
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             HOUSING INDEMNITY AMENDMENT BILL
                           2003

               (Brought in by the Minister for Justice and Industrial
                 Relations, the Honourable Judith Louise Jackson)

                                   A BILL FOR

            An Act to amend the Housing Indemnity Act 1992



            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:


            Short title

            1. This Act may be cited as the Housing Indemnity
            Amendment Act 2003.



            Commencement

            2. This Act commences on the day on which this Act
            receives the Royal Assent.



            Principal Act

            3. In this Act, the Housing Indemnity Act 1992* is
            referred to as the Principal Act.




            *No. 49 of 1992

[Bill 76]                                                               3
 
 
s. 4   No.          Housing Indemnity Amendment               2003


       Section 3 amended (Interpretation)

       4. Section 3 of the Principal Act is amended by omitting
       "$50 000" from the definition of "the prescribed insurance
       cover" and substituting "$200 000".



       Section 5 amended (Exclusion of certain building
       work)

       5. Section 5(1)(a) of the Principal Act is amended by
       omitting "$5 000" and substituting "$12 000".



       Section 12 amended (Requirements of insurance
       policies)

       6. 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.



       Section 20 amended (Restrictions on payment under
       building work contracts)

       7. Section 20 of the Principal Act is amended by omitting
       paragraph (b) and substituting the following paragraphs:


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2003          Housing Indemnity Amendment             No.    s. 7


       (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.




                  Government Printer, Tasmania                 5

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