RETIREMENT VILLAGES ACT 1999 - SECT 34 Offence to operate etc. an unregistered retirement village scheme

RETIREMENT VILLAGES ACT 1999 - SECT 34

34 Offence to operate etc. an unregistered retirement village scheme

(1) If a retirement village scheme is not registered, the scheme operator or proposed scheme operator must not—

(a) operate the scheme; or

(b) induce or invite a person to participate in the scheme by—

(i) residing in the retirement village to which the scheme relates; or

(ii) paying an ingoing contribution; or

(iii) doing another act in relation to the scheme; or

(c) use a document, or publish an advertisement, to induce or invite a person to participate in the scheme by—

(i) residing in the retirement village to which the scheme relates; or

(ii) paying an ingoing contribution; or

(iii) doing another act in relation to the scheme; or

(d) extend an existing retirement village.

Penalty—

Maximum penalty—540 penalty units.

(2) However, the scheme operator or proposed scheme operator does not contravene subsection (1) (c) if the document or advertisement merely invites expressions of interest in the scheme.

(3) In this section—


"advertisement" includes an advertisement made by publishing a statement or claim—

(a) in a document, including a newspaper or magazine; or

(b) by broadcast, electronic communication, telecommunication, video or film.

"induce" includes attempt to induce.