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:
Bill Summary
Housing
Common interest communities - unit owners' associations - budget reporting - veto by majority of unit owners. The act requires a common interest community that predates the "Colorado Common Interest Ownership Act" (Act) to abide by a provision of the Act that allows unit owners to veto, by majority vote, a budget proposed by the common interest community's executive board; except that the act 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 this bill as enacted.)