The newly revised Act will ensure residents who leave a retirement village are paid out for their unit within 18 months, regardless of when it is relicensed.

Residents will also be allowed to keep living in their unit while it is being relicensed instead of being forced to move out.

The Bill also makes provisions for operators who are having trouble meeting their statutory repayments to residents by allowing them to seek an extension through a tribunal.

With over 25,000 residents across 530 retirement villages, SA has the most retirement villages per head of population in the country.

The new Bill was finally passed through State Parliament last week after an exhaustive consultation with residents, providers and ACSA.