On March 26, 2018, House Bill 18-1342 was introduced and assigned to the House Business Affairs and Labor Committee. HB 18-1342 proposes that all pre-Colorado Common Interest Ownership Act (“CCIOA”) communities, i.e. communities formed prior to July 1, 1992, comply with the budget veto process found in Section 303(4)(a) of CCIOA , which is currently only applicable to post-CCIOA communities.
If signed into law, this means that pre-CCIOA associations will have to comply with CCIOA time frames and procedures for mailing the proposed budget to all owners, setting a date for a budget meeting, and, most notably, allowing a majority of all homeowners, or any larger percentage specified in the declaration, the right to veto the proposed budget.
Please note if this bill is signed into law it will be effective for any and all budgets adopted by pre-CCIOA communities as of July 1, 2018.
If you have any questions on the above, or the budget process in general, please contact any of our attorneys at (303) 432-9999.