The Retirement Villages Act 2012 (ACT) came into effect this week coinciding with the release of the Retirement Villages Regulations 2013 which are also now in effect.

The Act replaces the Fair Trading (Retirement Village Industry) Code of Practice 1999, setting out the rights and obligations of residents and operators of retirement villages including greater transparency.

The regulations apply to all prospective and current operators and residents of retirement village in the ACT, but not to 'aged care facilities'. They continue to be regulated by the Commonwealth Aged Care Act 1997.

Operators in the ACT are required to ensure their village procedures and documentation are compliant with the Act.
Retirement village operators are now required to provide specific information in contracts, a public information documentation specific to the relevant village, along with prescribed financial information.