Queensland Parliament passes amendments to the Queensland Retirement Villages Act 1999
26 Oct 2017
In recent weeks Hynes Legal has maintained a close watch on the changes proposed in the Housing Legislation (Building Better Futures) Amendment Bill 2017 (the Bill). Overnight, the Bill was passed with bi-partisan support in Queensland State parliament. As we have previously mentioned, the Bill proposed significant amendments to the Retirement Villages Act 1999 (the RV Act) and will have a considerable impact on the retirement village industry.
The objective of the amendments aims to ensure fairness and consumer protections for residents living in or considering moving into, a retirement village. Furthermore, the amendments seek to increase transparency for operators across a broad spectrum of their operations, including the development and use of documents, communications with residents on any material changes to the scheme and fees.
As a summary, the changes to the RV Act will include:
- The requirement for operators to use new documents in approved forms, including the replacement of the Public Information Document (PID) with the Village Comparison Document
- The introduction of a 21 day waiting period for operators before residents can execute residence contracts, in addition to the current 14-day cooling period available to residents
- A new requirement for the exit entitlement to be paid to residents not later than 18 months after:
- leaving the Village; or
- the date of commencement of the new Act’s amendments for residents who have departed prior to this date
- A new reinstatement/renovation of unit process
- New transparency and communication requirements on operators regarding the sale/redevelopment/closure of a Village
- New behavioral standards for operators and residents
Despite the Bill having now passed the Queensland Parliament, it is unclear as to the timing of the commencement of the revised RV Act. We will maintain a close eye on the progress of the amendments and provide clarity on timing when it becomes clear.
Hynes Legal is now in the process of assessing all the changes to the RV Act and will prepare a more comprehensive review in the coming days.
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This article is for information purposes only and should not be taken as legal advice