Information the RBS must give to VBA This Regulation is required to address information asymmetries and Requires the RBS to provide targeted to assist the VBA in its monitoring and enforcement functions under information to the VBA, on a monthly basis, ✓ 322 55 the Act. It now requires additional reporting requirements of RBSs in relation to the progress of key stages of than previously. building work authorised by the RBS by means of a building permit. Guarantees and bonds This Regulation is required to give effect to s 22 of the Act. The Specifies the circumstances in respect of required security amount for re-erection has been increased from the ✓ 323 56 which the RBS may require a guarantee or amount set over 10 years ago, to ensure the costs of rectification can bond to secure the completion of building be covered should this be required. work and also the amount of the security. Div 6—Duties of council Proposed regulatory change 2006 2017 Short description of the Regulation Change Revoke Reduce Updated No Strengthen Period that documents must be kept This Regulation is required to addresses information asymmetry. It Requires council to hold records of all ✓ 324 57 aligns the requirement to hold records with the obligations council documents lodged in relation to issued have under the Public Records Act 1973. building permits. Council to make documents available on request This Regulation is required to addresses information asymmetry for Requires council to make building permit ✓ 325 58 prospective or subsequent owners of a building. documents available to the owner or mortgagee in respect of any building or land they have an interest in.
322 55 Information the RBS must give to VBA Requires the RBS to provide targeted information to the VBA, on a monthly basis, in relation to the progress of key stages of building work authorised by the RBS by means of a building permit. ✓ This Regulation is required to address information asymmetries and to assist the VBA in its monitoring and enforcement functions under the Act. It now requires additional reporting requirements of RBSs than previously. 323 56 Guarantees and bonds Specifies the circumstances in respect of which the RBS may require a guarantee or bond to secure the completion of building work and also the amount of the security. ✓ This Regulation is required to give effect to s 22 of the Act. The required security amount for re-erection has been increased from the amount set over 10 years ago, to ensure the costs of rectification can be covered should this be required. Div 6—Duties of council 2006 2017 Short description of the Regulation Proposed regulatory change Revoke No Change Updated Reduce Strengthen 324 57 Period that documents must be kept Requires council to hold records of all documents lodged in relation to issued building permits. ✓ This Regulation is required to addresses information asymmetry. It aligns the requirement to hold records with the obligations council have under the Public Records Act 1973. 325 58 Council to make documents available on request Requires council to make building permit documents available to the owner or mortgagee in respect of any building or land they have an interest in. ✓ This Regulation is required to addresses information asymmetry for prospective or subsequent owners of a building.