Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies if the particulars in a public information document become inaccurate in a way that may materially affect the interests of a resident of the retirement village to which the public information document relates.
(2) Within 28 days after the scheme operator becomes aware of the particulars becoming inaccurate (the inaccuracy), the scheme operator must make a full written disclosure of the inaccuracy to the chief executive and to each resident of the retirement village who is, or is likely to be, materially affected by the inaccuracy.
Maximum penalty--540 penalty units.
(3) Also, the scheme operator must make a full written disclosure of the inaccuracy to a person who has signed a residence contract relating to the retirement village for which the cooling-off period has not ended--
(a) before the cooling-off period ends; or
(b) if the scheme operator has a reasonable excuse for failing to make the disclosure before the end of the cooling off period--as soon as practicable after becoming aware of the inaccuracy.
Maximum penalty--540 penalty units.
(4) If a person has indicated to the scheme operator that the person intends signing a residence contract relating to the retirement village, the scheme operator must make a full written disclosure of the inaccuracy to the person before the person signs the contract.
Maximum penalty--540 penalty units.
(5) The scheme operator must, as soon as practicable after becoming aware of the inaccuracy, amend the public information document to remove the inaccuracy.
Maximum penalty--540 penalty units.