What happens if a village does not comply with the Act?
A retirement village’s registration can be suspended if it does not:
Comply with the Retirement Villages Act 2003, or
If its financial statements or other registered documents are likely to be misleading or deceptive.
In these situations the village will not be able to advertise or take in new residents.
A resident may also be able to end an Occupation Agreement if certain important requirements were not complied with before they signed it. This means that the agreement is at an end and the operator must refund all capital sums paid and other payments and costs.
Residents can also make a complaint or take a dispute where there have been breaches of their rights.
The Act provides a range of penalties where the provisions of the Act are not complied with. Fines can be up to NZ$30,000 for individuals and up to NZ$100,000 for companies and other bodies.
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What does the Retirement Villages Act 2003 mean for residents?
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