The first bill amending parts of the Colorado Common Interest Ownership Act made it out of the legislature this week, and was forwarded to the Governor on April 13, 2015. HB 1095 which amends CRS 38-33.3-119 by permitting communities created in the state prior to July 1, 1992 to opt out of CCIOA by providing an exemption from its applicability. In order to opt out of CCIOA, the community must:
- Be created prior to July 1, 1992; and
- Contain a provision limiting the amount of assessments that may be charged in the declaration.
As this is a new provision, any association desiring to take advantage of this provision must amend its declaration to specifically reference this provision. Contact any of the attorneys in our office at (303) 432-9999 if you would like more information on the cost and process of pursuing this amendment.
As the other bills work through the legislature, we will keep you up to date.