The Retirement Villages (Contractual Arrangements) Regulations 2017 commenced today, following consideration of the results of public consultation.
They support the operation of the Retirement Villages Act 1986 and are primarily concerned with:
- matters that must and must not be included in retirement village contracts (including terms and layout)
- calculating exit entitlements
- exempting village operators from paying residents’ exit entitlements within six months of leaving the village in certain circumstances
- payments to aged care facilities.
The new regulations replace the previous Retirement Villages (Contractual Arrangements) Regulations 2006, which were due to expire this month.
You can view the new Retirement Villages (Contractual Arrangements) Regulations 2017 on the Victorian Legislation and Parliamentary Documents website.
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