SA Retirement Villages Bill passes
Debate on South Australia’s Retirement Villages Bill 2016 has concluded with the Legislative Council passing the Bill last week.
As the time of publication, the Bill had not yet received Royal Assent from the Governor.
The Bill, which will repeal and replace the Retirement Villages Act 1987, passed the lower house (House of Assembly) without amendment.
Several amendments were debated and successfully adopted in the upper house (Legislative Assembly). Some of these amendments include:
- Where the 18 month buy back applies, and the resident remains in situ in the unit during that time, the resident must vacate at 15 months to give the operator 3 months vacant access to the unit.
- A timeframe will be prescribed in the Regulations by which the outgoing resident must advise the operator if they will seek the 18 month buy back, or await payment based on actual resale.
- Clarifying that where an operator seeks from the Tribunal an extension of time to pay the exit entitlement, the Tribunal must have regard to the financial hardship likely to be suffered by the operator if the extension order were not made.
- Allowing the former resident (or their estate) to participate in remarketing their unit in certain circumstances.
- A requirement that the Minister undertake a review of the Act three years after its commencement.
Once Royal Assent is given, the new Retirement Villages Act would commence on a date to be fixed by proclamation.
Access the Bill here.
Ensure you and your staff keep up to date on issues affecting the retirement village sector – register now for the National Retirement Living Summit, 28-29 November 2016 in Melbourne. Optional site tours and masterclass also available.