Page 2673 - Week 07 - Wednesday, 6 June 2012
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villages. As I said earlier, this bill also establishes a cooling-off period to give people an opportunity to think through their decision and make sure that retirement village living is the right option for them. This cooling-off period is complemented by a settling-in period, which I have been advised has been well received in New South Wales. This provides additional flexibility for residents while also guaranteeing that operators are not financially disadvantaged.
With respect to the management of the financial affairs of retirement villages and the management of villages generally, this bill introduces a number of provisions which seek to guarantee that obligations placed on the management and residents are clearly explained. This bill also introduces a process through which a standard form of retirement village contract can be prescribed in the future, which, as I said before, should assist with the comparability of retirement villages in the ACT with New South Wales.
The management of retirement villages refers to an outline for the operation of retirement villages which is set out in the bill. It covers a broad range of matters, including the rights and obligations of residents and management in relation to retirement villages.
Crucially, the bill also makes provision for village rules, which many people in the community were very keen to have included. Village rules will regulate the day-to-day operations of the retirement village and will be the product of cooperation between management and residents.
The financial management of retirement villages relates to capital maintenance and replacement funds as well as the funding of the day-to-day provision of services to residents of the retirement village, amongst other things.
There is provision for the establishment of a residents committee and it sets out the rules that are essential for the successful management of the residents committee. There is a process for the resolution of retirement village disputes. This is crucial because considerable angst is generated when a dispute arises and cannot be quickly and properly resolved.
The bill establishes a comprehensive framework for the termination of contracts as well as providing a detailed set of rules about how residents can leave a retirement village, including how a retirement village resident can sell their right to live in a village, and the implications of their doing so. It also contains provisions designed to protect the ingoing contribution of residents through creating a charge over retirement village land. Again through my consultation, it became evident that many retirement village residents are concerned about their retirement village ceasing operations and that they were concerned that they could, through this happening, lose their life savings.
I would also like to thank the staff of the Parliamentary Counsel for their assistance in drafting this legislation. Here in the Legislative Assembly, members are fortunate to be supported by a number of dedicated professionals to help us in our work, and I would like to recognise the contribution these individuals have made in this process.
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