Opal Tower – Information for residents and landlords05 January, 2019
14 December, 2018
New retirement village laws
Retirement village residents and their families will be better protected under new legislation that passed Parliament in November 2018.
The Retirement Villages Amendment Bill 2018 acts on a number of recommendations made by Kathryn Greiner AO, following her independent inquiry into the retirement village sector which ran between August to December 2017. The inquiry was ordered by the NSW Government after a series of reports of alleged misconduct in the sector.
The key changes include:
- free, on-site mediation by Fair Trading to help with the timely resolution of issues
- annual contract ‘check-ups’ to give residents clarity about their financial position
- rules of conduct and penalties for operators breaching the new laws
- annual evacuation exercises, a village emergency plan and key safety information for residents
- an asset management plan for capital items available to prospective and current residents
- appointment of auditors to be approved by residents
- enhanced reporting requirements for operators.
For more information visit the Retirement villages laws and inquiry section of our website.