Document ID: chunk:federal_register_of_legislation:F2025C00076:reg:70
Version: federal_register_of_legislation:F2025C00076
Segment Type: reg
Provision Reference: reg 70
Character Range: 97482–99220

70  Information about accommodation bonds
 (1) The approved provider must tell the care recipient whether the residential care service or flexible care service charges an accommodation bond if the care recipient is eligible to pay an accommodation bond.
 (2) If the service charges, or intends to charge, an accommodation bond and the person is eligible to pay an accommodation bond, the approved provider must give the care recipient the following information about the accommodation bond:
 (a) the requirement, if the care recipient has given the provider enough information to decide the value of the care recipient's assets, for the care recipient to be left, after paying the accommodation bond, with assets having a value of at least the care recipient's minimum permissible asset value;
 (b) details of the interest rate to be charged on amounts owed under the accommodation bond agreement, resident agreement or extra service agreement, and the capacity for amounts and accrued interest on them to be deducted from the balance of the bond before it is refunded;
 (c) the amounts of bonds charged;
 (d) the retention amount of the bond;
 (e) the interest rate on the bond if there is a delay in payment of the lump sum or the bond is paid in whole or in part by periodic payments;
 (f) the periods when the retention amount and interest are charged;
 (g) payment options (that is, by lump sum, periodic payments, or a combination of lump sum and periodic payments);
 (h) refund arrangements;
 (i) the prudential arrangements applying to the accommodation bond balance;
 (j) when an accommodation bond is not required or, if paid, is refundable.
Note: Section 57‑20 of the Transitional Provisions Act deals with retention amounts.