Requirement for authorised RBI policy or fidelity certificate
54AC Requirement for authorised RBI policy or fidelity certificate
(1) A residential builder must not carry out prescribed residential building work unless:
one of the following is in force for the work:
an authorised RBI policy;
a fidelity certificate; and
(b) if the residential builder has entered into a residential building contract for the work – the builder has given the other party to the contract:
the RBI policy document for the work; or
a copy of the fidelity certificate.
Maximum penalty: 85 penalty units.
(2) A residential builder must not demand or receive payment (whether as a deposit or otherwise) under a residential building contract unless:
(a) one of the following is in force for the prescribed residential building work to be carried out under the contract:
an authorised RBI policy;
a fidelity certificate; and
the builder has given the other party to the contract:
the RBI policy document for the work; or
a copy of the fidelity certificate.
Maximum penalty: 85 penalty units.
This Act’s bill:Second reading speech
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