Attention NSW village operators: new village regulations now in force

Published on

The Retirement Villages Regulation 2017 (the Regulation) replaces the Retirement Villages Regulation 2009 from 1 September.

The key changes include:

  • 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.

You can find the full list on the NSW Fair Trading website here.

Share.

About Author

The Weekly SOURCE is the leading media for retirement living and aged care businesses, delivering sector-specific news through four mastheads. Operating as part of The DCM Group, The Weekly SOURCE also provides a directory of proven sector specialists and an insights exchange.