HB11-1107 was introduced today in the Colorado House of Representatives. This bill, as introduced, is not favorable to associations. The bill is an attempt to amend and clarify the rights of associations as they relate to super liens. The bill allegedly brings certainty to the calculation of associations’ super liens and how they are paid, when they are due and the remedies in the event super liens are not paid. However, as it reads currently, it is favorable only to lenders or others that acquire title to a unit via a foreclosure sale.
CAI’s Colorado Legislative Action Committee (“CLAC”) is working with Representative Gardner to address issues with the bill. We encourage you to contact us with your concerns or opinions on the bill and we will make sure CLAC as well as Representative Gardner is aware of the issues.