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Retirement Villages Regulation 2017 

Submissions closed on 20 July 2017 

What is this about? 

The Retirement Villages Regulation 2017 (the Regulation) replaces the Retirement Villages Regulation 2009 (which automatically repealed on 1 September 2017 under the Subordinate Legislation Act 1989.)

The Regulation supports the Retirement Villages Act 1999 (the Act) and features numerous changes to further improve the operation and administration of the Act. The Act sets out the rights and responsibilities of residents and operators, village contract and disclosure requirements and dispute resolution mechanisms. The Regulation sets out the detail required for the effective operation of the Act.

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What’s happened so far?  

The Regulation was developed by the Department of Finance, Services and Innovation in conjunction with key stakeholders. Download and read the Regulatory Impact Statement (PDF size: 977kb) for further information.

Industry and the public were invited to provide comments on the draft Regulation and Regulatory Impact Statement (consultation closed on 20 July 2017).

Fair Trading reviewed all submissions received as part of the consultation, which resulted in further amendments to the Regulation.

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What are the changes?  

The key changes are as follows:

  • 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.

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Next steps  

The Retirement Village Regulation 2017 commenced on 1 September 2017 and is published on the NSW legislation website.

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