The Retirement Villages Act 2012 (ACT) (Act) and the Retirement Villages Regulations 2013 (ACT) (Regulations) commenced on 4 March 2013.
The Act and Regulations are largely based on the NSW retirement village legislation and many of the core consumer protection principles in the NSW legislation (such as the cooling off period, settling in period, protection of refund entitlements and disclosure requirements) have been adopted in the Act and Regulations.
The Act also enables the Regulations to prescribe a standard form of village contract.
Operators in the ACT will need to ensure that their village contracts and procedures are in line with the new legislation. Gadens Lawyers has had extensive experience in assisting operators with restructuring their contracts and procedures in response to new legislation, particularly in relation to many of the principles adopted by the Act and Regulations such as budgets, capital maintenance and replacement and maintaining disclosure documents.