The Retirement Villages Amendment Act 2008

The Retirement Villages Amendment Bill 2008 was passed by both Houses of Parliament last Thursday 4 December 2008 (the last sitting day of Parliament this year).

The Act will commence on a date to be appointed by proclamation which is expected to follow the release of the associated regulations which should be finalised in the first quarter of 2009.

The changes listed below are generally good news for Operators and should be taken into account in the preparation for the introduction to the amendments. The next steps for Operators are to:

• revise their standard Resident Agreement;

• prepare a draft "general inquiry document"; and

• consider budget and management procedures required by the Act.