Victorian Current Acts Victorian Current ActsS. 36A(1) amended by No. 40/2022 s. 36(14).
(1) Homes Victoria may require the purchaser, mortgagor or owner of any land that is included in a contract of sale or a mortgage or other security held by Homes Victoria to insure the land and, while any money remains payable to Homes Victoria by that person, keep it insured against any loss or damage, and for any amount, that Homes Victoria determines.
S. 36A(2) amended by No. 40/2022 s. 36(15).
(2) Homes Victoria may contract with the purchaser, mortgagor or owner for the insurance of the land, on any terms and conditions that Homes Victoria thinks appropriate.
S. 36A(3) amended by No. 40/2022 s. 36(16).
(3) Homes Victoria's power to undertake insurance extends to undertaking insurance of any land that has been proposed in an application to Homes Victoria as security for a mortgage or other advance or loan.
S. 36A(4) amended by No. 40/2022 s. 36(17)(a).
(4) Homes Victoria may require the insurance to be effected—
S. 36A(4)(a) amended by No. 40/2022 s. 36(17)(b).
(a) with Homes Victoria; or
S. 36A(4)(b) amended by No. 40/2022 s. 36(17)(b).
(b) with an insurer approved by Homes Victoria.
S. 36A(5) amended by No. 40/2022 s. 36(18).
(5) If the insurance is effected other than with Homes Victoria, the purchaser, mortgagor or owner must, immediately after the policy is issued, deliver the policy to Homes Victoria.
S. 36A(6) amended by No. 40/2022 s. 36(19).
(6) Homes Victoria must return the policy to the owner, mortgagor or purchaser immediately after all money due to Homes Victoria under the contract of sale or mortgage or other security has been paid.
S. 36A(7) amended by No. 40/2022 s. 36(20).
(7) Homes Victoria may re-insure any risk insured by Homes Victoria, on any terms and conditions that Homes Victoria thinks appropriate, with any person or body carrying on the business of insurance in the State.
(8) For the purposes of this section—
S. 36A(8)(a) amended by Nos 20/2019 s. 179(a), 40/2022 s. 36(21).
(a) Homes Victoria is not an insurance company within the meaning of the Fire Rescue Victoria Act 1958 and the Country Fire Authority Act 1958 ; and
S. 36A(8)(b) amended by No. 40/2022 s. 36(21).
(b) any land insured with Homes Victoria under this section is uninsured within the meaning of those Acts; and
S. 36A(8)(c) amended by Nos 20/2019 s. 179(b), 40/2022 s. 36(21).
(c) Homes Victoria must pay any expenses and charges incurred by a fire brigade of Fire Rescue Victoria or of the Country Fire Authority in attending a fire on land insured with Homes Victoria.
Division 2—Enforcement and miscellaneous provisions