Governor Hickenlooper has signed HB1237, the HOA records bill, into law. The bill will go into effect on January 1, 2013. So, what does this mean for you as a manager or board member?
- The statue defines which documents are the records of the association for purposes of inspection by owners, and also lists documents which can or must be withheld from inspection. So, less guessing games about whether associations must allow owners to inspect certain records.
- The statute does away with the requirement that owners demonstrate a proper purpose for requests to inspect records, which will streamline the process for the inspection of records by owners.
- The statute includes a process by which owners may request to inspect records of their association.
- Because of the changes brought about by the statute, many associations will most likely need to revise their inspection of records policy (one of the policies required by statute) to reflect this new legislation. Boards should have a revised policy ready to be adopted when the statute goes into effect next year.