Change text size:   Increase font size   Reduce font size  |   Print page:   Print this page
  |   Contact us   
 
nosection
English

Retirement Villages Regulation 2017 

Submissions closed on 20 July 2017 

What is this about? 

The NSW Government is remaking the Retirement Villages Regulation 2009.

The proposed 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.

Top of page

Why is this needed?  

The Regulation must be remade as the Retirement Villages Regulation 2009 will be automatically repealed on 1 September 2017. If the Regulation is not remade, the Act cannot operate or be effectively administered.

Consultation closed on 20 July 2017.

Top of page

What’s happened so far?  

The proposed changes have been developed by the Department of Finance, Services and Innovation in conjunction with key stakeholders. Download and read the draft Retirement Villages Regulation 2017 (PDF size: 450kb) and accompanying Regulatory Impact Statement (PDF size: 977kb) for information on the proposed changes.

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

Top of page

What are the proposed changes?  

The proposed changes are as follows:

  • clarifying that re-painting of external surfaces 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 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.

Top of page

Next steps  

Fair Trading will review all submissions received as part of the consultation, which may result in further amendments to the Regulation. If required, we may conduct further targeted consultation on any key issues identified. If you have submit comments, you will be notified when the Regulation is finalised.

The final Regulations will be published on the NSW legislation website.

The Retirement Village Regulation 2017 is due to commence 1 September 2017.

Top of page

Get a free copy of Adobe Acrobat Reader so you can access PDF versions of our information.