sec.68BWhen insurance premium is payable by licensed contractor

### sec.68B When insurance premium is payable by licensed contractor Subsection (2) applies to a licensed contractor who is to carry out residential construction work under a contract with a consumer unless the work is the subject of a construction management contract. The licensed contractor must collect from the consumer, and pay to the commission, the appropriate insurance premium before the first of the following to happen— 10 business days elapse from the day the contract was entered into; the residential construction work starts. Maximum penalty—100 penalty units. A licensed contractor who is to carry out residential construction work that is speculative residential construction work must pay the appropriate insurance premium for the work before the work starts. Maximum penalty—100 penalty units. s 68B ins 2007 No. 47 s 45 sub 2014 No. 57 s 36 (sec.68B-ssec.1) Subsection (2) applies to a licensed contractor who is to carry out residential construction work under a contract with a consumer unless the work is the subject of a construction management contract. (sec.68B-ssec.2) The licensed contractor must collect from the consumer, and pay to the commission, the appropriate insurance premium before the first of the following to happen— 10 business days elapse from the day the contract was entered into; the residential construction work starts. Maximum penalty—100 penalty units. (sec.68B-ssec.3) A licensed contractor who is to carry out residential construction work that is speculative residential construction work must pay the appropriate insurance premium for the work before the work starts. Maximum penalty—100 penalty units. - (a) 10 business days elapse from the day the contract was entered into; - (b) the residential construction work starts.