The bill was among four pieces of legislation that was passed yesterday.
Opposition People National Movement voted against the HCU bill while the Independent Libral Party abstained.
Finance and the Economy Minister Larry Howai said it would cost the state $400 million.
The Miscellaneous Provisions (Administration of Justice) Bill.
The Land Tenants (Security of Tenure) (Amendment) Bill
The Purchase of Certain Rights (HCU) Bill.
The Motor Vehicle and Road Traffic (Amendment) Bill