32I
CurrentTiming for payment of exit entitlement on delivering up vacant possession
32I Timing for payment of exit entitlement on delivering up vacant possession
If a person is liable to pay an exit entitlement or any part of an exit entitlement to a vacating resident of a retirement village, the person must pay the entitlement or part to the vacating resident no later than whichever is the earlier of the following—
(a)
the day determined in accordance with those retirement village contracts;
(b)
a day agreed between the person and the resident;
(c)
12 months after the day on which the resident permanently vacates the residential premises.
Penalty: 60 penalty units for a natural person;
This Act’s bill:Second reading speech
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