Capital replacement
41D Capital replacement
The operator of a retirement village must not —
use, or set aside, any amount of recurrent charges paid by a resident to pay for capital replacement; or
demand or receive from a resident any other fee or charge to pay for capital replacement.
Penalty for this subsection: a fine of $20 000.
Subsection (1)(b) does not prohibit an operator from demanding or receiving any amount that is required by a residence contract between the resident and operator to be —
paid by the resident in connection with entering into occupation of, or permanently vacating, residential premises in the retirement village; and
allocated to pay for capital replacement.
[Section 41D inserted: No. 42 of 2024 s. 23.]
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.