06 December 01

• 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.