Retirement Villages Legislation Framework 3/3

Lianne Dalziel Senior Citizens
The Key Policy
Decisions
  • It will be separate legislation.
  • An inclusive definition of a retirement village, so that all retirement
    villages, irrespective of size, will be covered.
  • A requirement that all retirement villages must be registered as such with
    the Companies Office.
  • A requirement for full disclosure, in easily understood language of all
    information relating to:
    • The ownership and financial structure of the village
    • The nature of intending residents' occupation rights
    • The facilities and services available
    • The charging regime for facilities and services
    • Operating, entry and exit costs, with specific examples
    • Residency and management termination rights
  • A 10 day "cooling off" period for intending residents in which they can
    cancel their agreement to buy into a village.
  • A requirement that each village must have in place a Code of Residents'
    Rights which sets minimum rights a resident has in respect to his or her
    occupation of a village.
  • A formalised disputes resolution process to enable efficient and effective
    resolution of disputes.
  • A requirement that the retirement village industry must have in place an
    industry-wide Code of Practice to which compliance is mandatory. The legislation
    will not prescribe the Code but will specify in limited detail those matters the
    Code must cover.
  • A requirement for every village to have a statutory supervisor.
  • New minimum provisions relating to contracts to purchase or acquire rights
    of occupancy in a retirement village in accordance with the industry

Code of Practice.

  • A sanctions and penalties regime aligned with that which operates under the
    Fair Trading Act, and;
  • A new monitoring and advisory role for the Retirement Commission to enable
    the effects of the Retirement Villages Legislation to be formally scrutinised
    and reported to the responsible Minister.