COTA SA Welcomes “Fairer” Retirement Villages Act Reforms
New SA Retirement Village Laws – “The South Australian State Government’s new Retirement Villages Act, which come into force tomorrow (January 1, 2018), represents a fairer deal for those living in retirement villages, achieving a higher level of transparency and protections, says COTA SA.
COTA SA Chief Executive Jane Mussared says there are some important and very welcome changes to the Act, which strike a much better balance between the commercial requirements of village operators and the rights of village residents.
“We welcome the statutory repayment provision that allows residents leaving a village to be paid out for their unit after 18 months, whether or not it has been relicensed,” Ms Mussared said.
“This had been a major sticking point for some of the residents we have spoken to, with some waiting for years before having access to their investment. It just hasn’t been good enough.”
Ms Mussared says the Act will also enable residents to continue to occupy their unit while it is being relicensed.
“At the moment residents are required to move out even though the unit may be vacant.
“The new legislation and accompanying regulations provide a greater level of transparency in both contracting and day-to-day management.”
Read full story here:- COTA SA Welcomes “Fairer” Retirement Villages Act Reforms
New SA Retirement Village Laws
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