149Recurrent charges amended by fixed formula

149 Recurrent charges amended by fixed formula (1) If a village contract provides that recurrent charges are to be amended according to a fixed formula, the operator of a retirement village must give a resident who is a party to the contract written notice of the amendment at least 14 days before it takes effect. (2) The notice must state the following: (a) the amount of the new recurrent charges; (b) the day when the new recurrent charges take effect; (c) anything else prescribed by regulation. (3) The resident is not required to pay any increase in the resident’s recurrent charges until notice of the increase is given in accordance with subsection (1). (4) The operator of a retirement village commits an offence if— (a) a village contract provides that recurrent charges under the contract must be amended according to a fixed formula; and (b) the operator amends the recurrent charges; and (c) the amendment does not comply with— (i) the fixed formula; or (ii) this section. (5) An offence against this section is a strict liability offence.