Queensland Consolidated Regulations

QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION (MINIMUM FINANCIAL REQUIREMENTS) REGULATION 2018 - REG 26

26 Continuation of minimum net tangible asset requirement for particular licensees

(1) This section applies to a person if—

(a) any of the following apply—

(i) the person was a category SC2 licensee under the expired MFR policy immediately before the commencement;

(ii) the person was a category 1 licensee who, under the expired MFR policy, had a maximum revenue of between $600,000 and $800,000 immediately before the commencement;

(iii) a licence is granted for an application mentioned in section 24, and the licensee for the licence is, under the expired MFR policy, a category SC2 or category 1 licensee who has a maximum revenue of between $600,000 and $800,000; and

(b) on the commencement, the person would, but for this section, be required under section 12 to hold net tangible assets of a higher amount than the amount required immediately before the commencement under the expired MFR policy.

(2) If the licensee continues to hold the net tangible assets required under the expired MFR policy immediately before the commencement, section 12 does not apply to the licensee until 31 December 2019.