(1) The purpose of a prospective costs document is to give to a prospective
resident of a retirement village a summary of the estimated costs of moving
into, living in and leaving the retirement village.
(2) A prospective costs
document must—
(a) be in the approved form; and
Note—
See section 227AA
(2) .
(b) contain the information prescribed by regulation.
(3) If a
prospective resident asks a scheme operator for a prospective costs document,
the operator must prepare and give to the prospective resident a prospective
costs document within 7 days after receiving from the prospective resident any
information that the operator needs to complete the document.
Penalty—
Maximum penalty—120 penalty units.
(4) Subsection (3) does not apply to a
person to whom a prospective costs document has previously been given if there
have been no material changes to the information required to be included in
the document since it was last given to the person.
(5) In this section—
"give" includes send by email, facsimile or other electronic means.
