FAIRER retirement village laws include residents being able to ask for help from their operator with aged care fees while they are waiting for exit entitlements, according to Consumer Protection.

The Retirement Villages Amendment Act 2024 was passed on November 5 but is the first step in the reform process with further work being done on supporting regulations and to make other changes needed before the reforms start in the second half of 2025.

Some of the other key changes included in the Act are new disclosure requirements to provide earlier, clearer disclosure of the type of tenure offered, availability of facilities and services and costs of entering, living in, and leaving a village.

Timely payment of exit entitlements for holders of a lease-for-life, or completion of buybacks of strata titled properties for former residents within 12 months of leaving the village.

Operators will be able to apply to the Consumer Protection commissioner for extensions to exit entitlement and buyback obligations where required.

For this an amendment will be made to the Duties Act 2008 (WA) to exempt operators from paying transfer duty in the event of a compulsory buyback.

Also included in the Act are clarified obligations and responsibilities around maintenance of the village and replacement of capital items, clear rules about reinstatement and refurbishment and clear rules for operators and residents and requirements to consult on the annual budget for the village.

Operators will have 12 months to prepare for the new time limit on exit entitlements and for new disclosure and contract requirements.

Commerce Minister Sue Ellery said the amendments covered every stage of the retirement living experience, from finding the right village and living there, to when it eventually became time to leave.

“Potential residents will benefit from clearer upfront information, and a 12-month exit entitlement payment deadline will ensure former residents receive their funds promptly, reducing financial uncertainty,’’ she said.

Village Retirement WA president Hank de Smit said the reforms were a positive step toward protecting the rights of retirement village residents and their families.

“As the new reforms roll out over the course of the next 12 months, Village Retirement WA will continue to engage with our members and provide feedback to the Government on the implementation process and continuing needs of the sector,’’ he said.