16EMaximum deposit for kit home supply

16E Maximum deposit for kit home supply

16E Maximum deposit for kit home supply

(1) The maximum amount of a deposit for the supply of a kit home is 10% of the contract price. A deposit for the supply of a kit home is a payment on account before delivery of part of the kit home is made under a contract to supply a kit home.

(2) A person must not—

(a) demand or receive payment of a deposit for the supply of a kit home if the amount of the deposit exceeds the maximum imposed by this section, or

(b) enter into a contract under which the person is entitled to demand or receive payment of a deposit for the supply of a kit home if the amount of the deposit exceeds the maximum imposed by this section.

Maximum penalty—1,000 penalty units in the case of a corporation and 200 penalty units in any other case.

(3) The regulations may make provision concerning how a contract price is to be determined for the purposes of this section.

s 16E: Ins 1990 No 33, Sch 1 (3). Am 2001 No 51, Sch 8 [16]; 2004 No 101, Sch 4 [1]. Subst 2014 No 24, Sch 1 [24].