BILL 41

An Act Respecting Holdback Trust Accounts

His Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

Construction Remedies Act

1( 1) The heading “Holdback trust account” preceding section 37 of the Construction Remedies Act, chapter 29 of the Acts of New Brunswick, 2020, is repealed.

1( 2) Section 37 of the Act is repealed.

1( 3) The heading “Interest on holdback trust accounts” preceding section 38 of the Act is repealed.

1( 4) Section 38 of the Act is repealed.

1( 5) The heading “Additional methods of retaining holdbacks” preceding section 39 of the Act is amended by striking out “Additional methods” and substituting “Methods”.

1( 6) Paragraph 87(1)(a) of the Act is amended

(a)  in subparagraph (iv) of the English version by adding “and” at the end of the subparagraph;

(b)  by repealing subparagraph (v);

(c)  by repealing subparagraph (vi).

1( 7) Subsection 103(1) of the Act is amended

(a)  by repealing paragraph (i);

(b)  by repealing paragraph (j).

Regulation under the Construction Remedies Act

2 New Brunswick Regulation 2021-81 under the Construction Remedies Act is amended

(a)  by repealing the heading “Holdback trust accounts – exclusions” preceding section 4;

(b)  by repealing section 4.