Interest on recurrent charges
213 Interest on recurrent charges
The operator of a retirement village may charge interest on the amount of the recurrent charges that are not paid by a former occupant of the village as the liability to pay those charges arises.
Subsection (1) does not apply if a contract between the operator and the former occupant states that interest is not payable on the recurrent charges.
A regulation may prescribe a maximum rate of interest.
However, if the operator and the former occupant agree to a lower rate of interest, or if a contract between the operator and the former occupant states a lower rate of interest for this section, the interest is payable by the former occupant at that lower rate.
Division 10.3 Departure fees
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