We can suspend a retirement village's registration if the retirement village operator doesn't comply with the Retirement Villages Act 2003, or if we consider its financial statements or other registered documents are likely to be misleading or deceptive. In these situations the village won't be able to advertise or take in new residents.
A resident may be able to end an occupation right agreement if certain important requirements weren't complied with by the retirement village operator before they signed it. This means that the agreement is at an end and the operator must refund all capital sums paid, and other payments and costs, to the resident.
Residents can also make a complaint or take a dispute to a disputes panel if their rights have been breached. Visit the Retirement Commissioner's Office website for more information.
Fees and penalties
Where the Act is not complied with, fines can be issued for up to $30,000 for individuals and up to $100,000 for companies and other bodies.