RETIREMENT VILLAGES ACT 1999 - SECT 54 Resident may ask for estimate statement of resident’s exit entitlement

RETIREMENT VILLAGES ACT 1999 - SECT 54

54 Resident may ask for estimate statement of resident’s exit entitlement

(1) This section applies if a resident gives a scheme operator a written notice—

(a) stating the resident is considering terminating the resident’s right to reside in the retirement village under section 52 ; and

(b) asking the operator to give the resident a written estimate of the resident’s exit entitlement as at the date of the notice.

(2) The scheme operator must comply with the request within 14 days after it is given.

Penalty—

Maximum penalty—40 penalty units.

(3) However, the scheme operator does not contravene subsection (2) if the scheme operator has given the resident an estimate under that subsection within the 6 months immediately preceding the resident’s request.