The wake of the Inquiry into the NSW Retirement Village Sector by Kathryn Greiner will be defined by real and appreciable change to the way villages go about their ‘day to day’ business in an operational, sales and compliance sense. Whether this change achieves the intended consequences is yet to be seen.
In the not too distant future, NSW can expect a Code of Conduct for operators and the very real possibility of mandatory buyback periods for registered interest holders – which may vary between metro and regional areas. These topics will unfold shortly. However, the most immediate impact is almost upon us, with the bulk of the November 2018 legislative change coming into effect on 1 July 2019.
The following is a brief overview and checklist regarding these legislative requirements:
Key Safety Information Display | |
Legislation requirement | Operator checklist |
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Emergency Plan | |
Legislation requirement | Operator checklist |
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Annual Emergency Evacuation Exercise | |
Legislation requirement | Operator checklist |
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Residents right to an annual meeting re their contract and rights (‘contract check-up’) | |
Legislation requirement | Operator checklist |
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Note: The risk of these meetings is the allegation of an undocumented representation. |
Asset Management Plan | |
Legislation requirement | Operator checklist |
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Account Auditing and Quarterly Accounts | |
Legislation requirement | Operator checklist |
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