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HB18-1342

Allow Pre-Colorado Common Interest Ownership Act Homeowners' Association Members to Veto Homeowners' Association Budget

Concerning a requirement that a common interest community created in Colorado before July 1, 1992, comply with a provision of the "Colorado Common Interest Ownership Act" that allows a majority of the unit owners in a common interest community to veto a budget proposed by the executive board of the common interest community.
Session:
2018 Regular Session
Subject:
Housing

Common interest communities created before the July 1, 1992, enactment of the 'Colorado Common Interest Ownership Act' (Act) are exempt from many of the Act's provisions, including a provision allowing a majority of the unit owners in a common interest community to veto a budget proposed by the common interest community's executive board. The bill requires a common interest community that predates the Act to allow its unit owners to veto, by majority vote, a budget proposed by the common interest community's executive board; except that the bill does not apply to a common interest community that predates the Act if the common interest community's declaration sets a maximum assessment amount or provides a limit on the amount that the common interest community's annual budget may be increased.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Under Consideration

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. J. Melton
Sen. N. Todd

Sponsor

Co-sponsor

Rep. K. Becker, Rep. J. Buckner, Rep. M. Gray, Rep. C. Kennedy, Rep. T. Kraft-Tharp

Upcoming Schedule