Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies if the person (the assignor) who enters into a residence contract to secure the person's, or someone else's, right to reside in a retirement village assigns property under the residence contract before the cooling-off period ends.
(2) The scheme operator must ensure the assignment instrument is held in escrow by the public trustee or the scheme operator's lawyer (the authorised person).
Maximum penalty--100 penalty units.
(3) If the residence contract is rescinded in the cooling-off period, the authorised person must release the assignment instrument to the assignor.
Maximum penalty--100 penalty units.
(4) If the residence contract is not rescinded in the cooling-off period, the authorised person must, at the end of the cooling-off period, release the assignment instrument to the assignee, or someone else at the assignee's written direction.
Maximum penalty--100 penalty units.
(5) In this section--
assignee means the person in whose favour property is assigned under an assignment instrument.