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The Regulation must be remade as the Retirement Villages Regulation 2009 will be automatically repealed on 1 September 2017.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