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.