South Australian Current Acts South Australian Current Acts (1) A
disclosure statement must be in writing and comply with this section and the
requirements (if any) prescribed by the regulations.
(2) The disclosure
statement must provide information about the financial arrangements relating
to residents of the retirement village including—
(a)
information about—
(i)
all fees and charges that the person would be responsible
for under the residence contract (whether as an ingoing contribution, as a
recurrent or other fee or charge payable by a resident or as an exit fee)
including a description of each fee or charge and the amount of the fee or
charge or manner in which the fee or charge will be calculated; and
(ii)
what the operator does with the fees and charges; and
(iii)
any utilities, services or facilities provided or
available to residents of the village (such as electricity, telephone or
Internet provided by a third party) that the operator has an interest in or
would obtain any fee or reward in relation to; and
(iv)
the manner in which the resident's exit entitlement will
be calculated and the effect of section 30; and
(v)
the insurance arrangements that are in place in relation
to the village; and
(b) a
statement advising that a resident may be required to pay a fee, charge or
other amount to the operator to enable the operator to recover an unforseen
expense of the
retirement village (a "special levy"); and
(c) a
statement advising that—
(i)
the disclosure statement is not a replacement for the
residence contract but is intended only as a summary of certain information
contained in the contract; and
(ii)
the prospective resident must ensure that they understand
the terms of the residence contract; and
(iii)
it is recommended that the prospective resident seeks
legal and financial advice about the residence contract; and
(d) any
other information or statement prescribed by the regulations.