sec.3Main purpose

### sec.3 Main purpose The main purpose of this regulation is to prescribe, for section 116 (2) (ab) and schedule 2 of the Act , definition minimum financial requirements , the minimum financial requirements for— an applicant for a contractor’s licence; and a licensee who holds a contractor’s licence. An applicant for a contractor’s licence must satisfy the minimum financial requirements for the grant or renewal of a licence. See section 31 of the Act . A contractor’s licence is, under section 35 (5) of the Act , subject to conditions about satisfaction of the minimum financial requirements. The commission may take action under section 50C of the Act in relation to a licensee’s satisfaction of the minimum financial requirements. s 3 sub 2019 SL No. 30 s 4 amd 2025 SL No. 12 s 10 - (a) an applicant for a contractor’s licence; and - (b) a licensee who holds a contractor’s licence. - 1 An applicant for a contractor’s licence must satisfy the minimum financial requirements for the grant or renewal of a licence. See section 31 of the Act . - 2 A contractor’s licence is, under section 35 (5) of the Act , subject to conditions about satisfaction of the minimum financial requirements. - 3 The commission may take action under section 50C of the Act in relation to a licensee’s satisfaction of the minimum financial requirements.