The Retirement Villages Regulation 2017

“The Retirement Villages Regulation 2017 replaces the Retirement Villages Regulation 2009 effective from 1 September 2017 and features numerous changes intended to improve the operation and administration of the Retirement Villages Act.  The Regulation was developed by the Department of Finance, Services and Innovation in conjunction with key stakeholders, including RVRA.

“The key changes are as follows:

  • 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.

“The full Regulation can be found at:

www.legislation.nsw.gov.au/#/view/regulation/2017/485

“RVRA is disappointed that not all of its proposals for change were adopted, but appreciates that those that were are welcome enhancements to the regulatory framework governing retirement living.”