Retirement Villages Regulation 2017 NSW

June 26, 2017

What are the proposed changes?  

The proposed changes are as follows:

  • clarifying that re-painting of external surfaces once every 10 years is capital maintenance

  • requiring copies of a village's insurance policy documents be available to residents

  • a new 'average resident comparison figure' in the Disclosure Statement to facilitate more effective comparison between villages

  • reducing the maximum amount payable for an operator’s legal and other expenses to $50

  • adding new matters for which village rules can be created, including smoking in communal areas

  • requiring clearer information in annual budgets around head office expenses

  • lowering the maximum amount allocated for contingencies to $1

  • prohibiting additional matters that cannot be financed by recurrent charges

  • simplifying the process for allowing residents to hold office on a residents committee for longer than three years; and

  • allowing service of documents by electronic means.

     

     

     

     

     

     

     

     

     

 

Why is this needed?  

The Regulation must be remade as the Retirement Villages Regulation 2009 will be automatically repealed on 1 September 2017. If the Regulation is not remade, the Act cannot operate or be effectively administered.

 

Consultation will close on 20 July 2017.

 

Read more at http://www.fairtrading.nsw.gov.au/sites/ftw/About_us/Have_your_say/Retirement_villages_regulation_2017.page

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