Recurrent charges amended by fixed formula
149 Recurrent charges amended by fixed formula
If a village contract provides that recurrent charges are to be amended according to a fixed formula, the operator of a retirement village must give a resident who is a party to the contract written notice of the amendment at least 14 days before it takes effect.
The notice must state the following:
the amount of the new recurrent charges;
the day when the new recurrent charges take effect;
anything else prescribed by regulation.
The resident is not required to pay any increase in the resident’s recurrent charges until notice of the increase is given in accordance with subsection (1).
The operator of a retirement village commits an offence if—
a village contract provides that recurrent charges under the contract must be amended according to a fixed formula; and
the operator amends the recurrent charges; and
the amendment does not comply with—
the fixed formula; or
this section.
Maximum penalty: 50 penalty units.
An offence against this section is a strict liability offence.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
- Retirement Villages Regulation 2013 · under s 264
This Act’s bill:Explanatory statementSecond reading speech
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