NSW village operators: have your say on retirement village reforms

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NSW Fair Trading is calling for public comment on draft reforms for the state’s retirement villages, including a need for greater transparency in village contracts.

The Department says the new regulations will keep a number of the existing provisions, while making moves to reduce administration requirements for operators and improve protections for new and existing residents.

Submissions close 20 July. You can make a submission here.

They have been put together by the Department of Finance, Services and Innovation in partnership with key stakeholders, include:

  • Guaranteeing that re-painting of exteriors 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 allow better 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
  • Banning 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 documents to be sent electronically.

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