Deferred management fee
26Y Deferred management fee
A person must not charge a resident of a retirement village for a deferred management fee in respect of the resident's occupation of the retirement village, unless the deferred management fee is calculated—
as a percentage of the resident's entry payment; and
by reference to the length of time the resident lives in the village which is taken to cease on the date the resident gives vacant possession of the premises occupied by the resident; and
in accordance with any prescribed requirements.
Penalty: 60 penalty units for a natural person;
This provision refers to the regulations (prescribed requirements
). Made under this Act:
- Retirement Villages (Contractual Arrangements) Regulations 2017 · under sections 43, 44A and 44B
- Retirement Villages Regulations 2026 · under sections 43 and 44B
This Act’s bill:Second reading speech
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