On Tuesday, the House passed HB 11-1095, a bill intended to protect corporations (which include homeowners associations) from identity theft by requiring password protections on the Secretary of State’s website. The bill now heads to the Senate.
The Identify Theft bill responds to the concerns we reported on last year, when thieves changed corporate addresses and board member information in order to steal those corporations’ credit. By securing corporate information, this bill should help protect Colorado homeowners, condominiums and townhome associations from identity theft.
Unfortunately, that additional security could cause administrative headaches, particularly for smaller communities who don’t currently use us or a community association manager as their registered agent. If this bill passes, all State-registered corporations will likely need to keep track of a password for the Secretary of State’s website.
We will keep you posted on the progress of this bill and it’s potential impact on your community.