New South Wales Consolidated Acts

RETIREMENT VILLAGES ACT 1999 - SECT 105

105 Recurrent charges varied by fixed formula

(1) If a village contract provides that recurrent charges are to be varied according to a fixed formula, the operator of the village must give at least 14 days' written notice of the variation to the resident concerned.

(2) The notice must specify--

(a) the amount of the new recurrent charges, and

(b) the date from which the new recurrent charges are payable, and

(c) such other information as may be prescribed by the regulations.

(3) A resident of the retirement village who is a party to a village contract referred to in subsection (1) is not required to pay any increase in his or her recurrent charges until notice of the increase is given as required by this section.

(4) The operator of a retirement village must not increase (or attempt to increase) recurrent charges that are to be varied according to a fixed formula otherwise than in accordance with that formula and this section.

: Maximum penalty--50 penalty units.