31Notice of variation—no fixed formula and exceeding CPI—the Act, s 106

31 Notice of variation—no fixed formula and exceeding CPI—the Act, s 106

31 Notice of variation—no fixed formula and exceeding CPI—the Act, s 106

For the Act, section 106(2)(e), a notice must include the following statement at the beginning of the notice—

This is a notice of a variation of recurrent charges otherwise than in accordance with a fixed formula. The increase in recurrent charges—

(a) exceeds the increase in the Consumer Price Index (CPI) since the recurrent charges were last increased, and

(b) does not take effect until at least 60 days after the date of this notice, and

(c) requires the consent of residents or an order of the Civil and Administrative Tribunal to take effect.

For more information about your rights and responsibilities under retirement village laws, contact NSW Fair Trading by visiting www.fairtrading.nsw.gov.au or calling 13 32 20.