Retirement Villages Legislation Framework 3/3Lianne Dalziel Senior Citizens
The Key Policy
- 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.