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RETIREMENT VILLAGES ACT 1999 - SECT 155
Interest on recurrent charges
(1) The operator of a retirement village
may charge interest on so much of the recurrent charges as are not paid by a
former occupant of the village as the liability to pay those charges arises.
(2) Subsection (1) does not apply if a contract between the operator and the
former occupant specifies that interest is not payable on the
recurrent charges.
(3) The regulations may prescribe a maximum rate of
interest for the purposes of this section.
(4) However, if the operator and
the former occupant agree to a lower rate of interest, or if a contract
between the operator and the former occupant specifies a lower rate of
interest for the purposes of this section, the interest is payable by the
former occupant at that lower rate.
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