Remove Budget Reporting Exemption HOAs Predate Act

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 that requires a common interest community's executive board to give notice to all unit owners of, and hold a meeting about, the executive board's adoption of a new proposed budget and that allows a majority of the unit owners to veto the board's proposed budget. Commencing July 1, 2018, common interest communities that predate the Act must comply with the budget reporting provision, but remain exempted from the majority veto provision.

Cooperatives created on or after July 1, 1992, but before July 1, 1998, that have no more than ten units and are not subject to development rights may impose annual average common expense fees on unit owners in an amount not to exceed $400, which amount will be adjusted annually according to the consumer price index for the Denver-Boulder metropolitan area.

(Note: This summary applies to this bill as enacted.)