WA enters second phase of consultation on proposed changes to retirement village laws – buybacks up for debate

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The state’s second consultation paper is asking for public feedback on a range of issues including:

  • a timeline for payment of exit entitlements;
  • resident approval of operating budgets;
  • reserve funds and capital works;
  • clarifying issues such as refurbishment obligations and the definition of administering body, and;
  • new operator and resident conduct obligations.

“The public consultation on this issue will consider whether there needs to be a time limit placed on the payment of exit entitlements to former residents and Consumer Protection is seeking the views of industry, residents and the community,” Commissioner for Consumer Protection David Hillyard said.

Will WA become the next state to see buybacks become mandatory?

WA will be releasing further consultation papers throughout 2020 on other issues including better identification of retirement villages; village development, sales and marketing; village re-development, termination of scheme and new village models; and compliance and enforcement.

You can find more information HERE.