Retirement Villages Amendment (Records and Notices) Regulations 2013

Authorised by the Chief Parliamentary Counsel Authorised Version i Retirement Villages Amendment (Records and Notices) Regulations 2013 S.R. No. 170/2013 TABLE OF PROVISIONS Regulation Page 1 Objective 1 2 Authorising provision 2 3 Commencement provision 2 4 Principal Regulations 2 5 Amendment of objectives of Principal Regulations 2 6 Regulations 9, 10 and 11 substituted 2 9 Other matters for inclusion in disclosure statement 2 10 Factsheet 3 11 Documents to be made available for inspection 4 7 Part B of Schedule 2 substituted 5 8 Part C of Schedule 2 revoked 9 ═══════════════ ENDNOTES 10 -- 1 of 11 -- Authorised by the Chief Parliamentary Counsel Authorised Version 1 STATUTORY RULES 2013 S.R. No. 170/2013 Retirement Villages Act 1986 Retirement Villages Amendment (Records and Notices) Regulations 2013 The Governor in Council makes the following Regulations: Dated: 17 December 2013 Responsible Minister: HEIDI VICTORIA Minister for Consumer Affairs YVETTE CARISBROOKE Clerk of the Executive Council 1 Objective The objective of these Regulations is to amend the Retirement Villages (Records and Notices) Regulations 2005 to— (a) prescribe the information that must be contained in the factsheet referred to in section 18A of the Act; and (b) prescribe the documents that must be made available for inspection under section 18B(1) of the Act; and (c) prescribe other matters that must be included in a disclosure statement; and (d) revoke the provisions relating to residence documents. -- 2 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 2 Authorised by the Chief Parliamentary Counsel 2 Authorising provision These Regulations are made under section 43 of the Retirement Villages Act 1986. 3 Commencement provision These Regulations come into operation on 1 July 2014. 4 Principal Regulations In these Regulations, the Retirement Villages (Records and Notices) Regulations 20051 are called the Principal Regulations. 5 Amendment of objectives of Principal Regulations (1) In regulation 1(d) of the Principal Regulations omit "and forms". (2) For regulation 1(e) of the Principal Regulations substitute— "(e) prescribe the documents relating to a retirement village that a retired person, or a person acting on behalf of a retired person, may request to inspect; and (f) rescribe other matters that must be included in a disclosure statement.". 6 Regulations 9, 10 and 11 substituted For regulations 9, 10 and 11 of the Principal Regulations substitute— "9 Other matters for inclusion in disclosure statement For the purpose of paragraph (e) of the definition of disclosure statement in section 3(1) of the Act, the following are the other matters that must be included in a disclosure statement— r. 2 -- 3 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 3 Authorised by the Chief Parliamentary Counsel (a) a short statement setting out the purpose of the disclosure statement; (b) a statement that the disclosure statement is required to be given under the Act; (c) a statement of the importance of seeking advice from an independent financial or legal adviser; (d) details of the amounts payable by the resident on entry to the retirement village; (e) details of the ongoing costs payable by the resident as at the date the resident enters the retirement village; (f) details of the liabilities of the resident on permanent departure from their premises; (g) details of the entitlements of the resident on permanent departure from their premises; and (h) details of the estimated refundable ingoing contribution or other entitlement payable to the resident if the resident permanently departed their premises after 1, 2, 5 and 10 years residence. 10 Factsheet For the purposes of section 18A(5)(b) of the Act, the information that must be contained in a factsheet is set out in Part B of Schedule 2. r. 6 -- 4 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 4 Authorised by the Chief Parliamentary Counsel 11 Documents to be made available for inspection For the purposes of section 18B(1) of the Act, the documents relating to a retirement village that a retired person, or a person acting on behalf of a retired person, may request to inspect are the following— (a) the site plan of the retirement village; (b) plans of any premises under construction within the retirement village; (c) planning permissions for further development of the retirement village; (d) the statements and report presented to the previous annual meeting of the retirement village under sections 34 and 38H of the Act; (e) if the retirement village has a capital works, capital replacement or maintenance fund—statements of the balances at the end of the previous three financial years of the village; (f) examples of contracts that prospective residents may be required to enter into; (g) the dispute resolution documents required under sections 38E and 38F of the Act.". r. 6 -- 5 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 5 Authorised by the Chief Parliamentary Counsel 7 Part B of Schedule 2 substituted For Part B of Schedule 2 to the Principal Regulations substitute— "PART B Regulation 10 INFORMATION REQUIRED FOR FACTSHEET 1. The name of the retirement village. 2. A statement setting out the following matters: (a) when the factsheet must be provided; (b) the desirability of obtaining independent advice about the contracts that will have to be entered into; (c) the desirability of understanding the financial commitment involved in entering, living in and leaving the retirement village; (d) the desirability of considering what questions should be asked of the retirement village manager before a contract is entered into; (e) the desirability of considering whether retirement village living is appropriate. 3. The address of the retirement village. 4. In respect of a retirement village where there is no owners corporation, the name and address of the owner of the retirement village land and, in respect of a retirement village where there is an owners corporation, the name and address of the person, including the owners corporation, owning land on which common facilities are located. r. 7 -- 6 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 6 Authorised by the Chief Parliamentary Counsel 5. The year construction started on the retirement village. 6. The name, ABN, address and telephone number of the current manager and the date it commenced to be the manager. 7. Whether there is an onsite representative of the manager available for residents and, if so, the days and times available. 8. The nature of resident tenure in the retirement village. 9. The number and size of residential premises in the retirement village. 10. The garage and car parking spaces in the retirement village. 11. Whether planning permission has been granted for further development of the retirement village. 12. The facilities available at the retirement village, the cost of their use and any restrictions on their availability. 13. Whether the retirement village has an onsite or attached residential or aged care facility and if so, a statement setting out that entry is dependent on an aged care assessment in accordance with the Aged Care Act 1997 of the Commonwealth and that the owner or manager cannot keep places aside for residents. 14. The services provided by the owner or manager to residents from maintenance charges and other ongoing charges, including rent. 15. Any optional services that are provided or made available to residents on a user-pays basis. r. 7 -- 7 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 7 Authorised by the Chief Parliamentary Counsel 16. Whether the resident is required to pay a refundable ingoing contribution to enter the retirement village and, if so, the amount or range and when it, or any other entitlement due to the resident on permanent departure from their premises, is to be refunded or paid. 17. Whether a fee is deducted from the refundable ingoing contribution or other entitlement due to the resident on permanent departure from their premises and, if so, how the fee is calculated. 18. Details of other amounts payable by the resident on permanent departure from their premises. 19. Whether the resident is required to pay a non-refundable ingoing contribution to enter the retirement village and, if so, the amount. 20. The estimated sale price ranges for all classes of residential premises in the retirement village (on a reinstated or renovated basis) as at a stated date. 21. The current rates of maintenance charges and other ongoing charges, including rent, for all classes of residential premises in the retirement village and how often they must be paid. 22. For owner residents, the current amount or range of owners corporation fees and how often they must be paid. 23. Whether the resident shares in any capital gain or loss on the resale of their premises and, if so, how the share is calculated. r. 7 -- 8 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 8 Authorised by the Chief Parliamentary Counsel 24. Whether and to what extent the resident is responsible for renovation or reinstatement of their premises on permanent departure from their premises. 25. The insurance that the owner or manager and the resident are responsible for arranging. 26. The surplus or deficit for the retirement village as set out in the statements presented to the previous annual meeting of the retirement village under section 34 of the Act. 27. Whether the retirement village has a fund for long-term maintenance or capital replacement and, if so, the balance at the end of the last financial year. 28. The surplus or deficit of any owners corporation at the end of the last financial year or for the last quarter if that is the only available figure. 29. Whether any owners corporation has a maintenance plan under the Owners Corporations Act 2006. 30. Whether any owners corporation has a maintenance fund under the Owners Corporations Act 2006 and, if so, the balance at the end of the last financial year or for the last quarter if that is the only available figure. 31. Details of any security system or emergency assistance system for the retirement village. 32. Whether residents can keep pets, including any restrictions. 33. Whether there are any restrictions on residents' and visitors' car parking. r. 7 -- 9 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 9 Authorised by the Chief Parliamentary Counsel 34. Whether the retirement village is accredited by a recognised industry organisation. 35. Whether the retirement village has a residents committee established under the Act. 36. Whether the retirement village has a waiting list and, if so, whether there is any fee and, if so, whether it is refundable on entry. 37. A reference to retirement village information on the website of Consumer Affairs Victoria. 38. A statement of the documents that can be inspected free of charge under section 18B of the Act and regulation 11 of these Regulations. 39. A statement of the correctness of the information in the factsheet as at the date provided.". 8 Part C of Schedule 2 revoked Part C of Schedule 2 to the Principal Regulations is revoked. ═══════════════ r. 8 -- 10 of 11 -- S.R. No. 170/2013 Retirement Villages Amendment (Records and Notices) Regulations 2013 10 Authorised by the Chief Parliamentary Counsel ENDNOTES 1 Reg. 4: S.R. No. 162/2005 as amended by S.R. No. 93/2006. Endnotes -- 11 of 11 --