Bill
Bill > HB1342
CO HB1342
CO HB1342Allow Pre-Colorado Common Interest Ownership Act Homeowners' Association Members to Veto Homeowners' Association Budget
summary
Introduced
03/26/2018
03/26/2018
In Committee
04/26/2018
04/26/2018
Crossed Over
04/23/2018
04/23/2018
Passed
05/14/2018
05/14/2018
Dead
Signed/Enacted/Adopted
06/06/2018
06/06/2018
Introduced Session
2018 Regular Session
Bill Summary
Common interest communities created before the July 1, 1992, enactment of the "Colorado Common Interest Ownership Act" (Act) are exempt from many of the Act's provisions, including a provision allowing a majority of the unit owners in a common interest community to veto a budget proposed by the common interest community's executive board. The bill requires a common interest community that predates the Act to allow its unit owners to veto, by majority vote, a budget proposed by the common interest community's executive board.
AI Summary
This bill requires common interest communities created before the enactment of the Colorado Common Interest Ownership Act (CCIOA) on July 1, 1992 to allow their unit owners to veto, by majority vote, a budget proposed by the community's executive board. This is an exception to the CCIOA provision that allows a majority of unit owners to veto a proposed budget without requiring a specific veto process. The bill applies to proposed budgets adopted by pre-CCIOA common interest communities on or after July 1, 2018. The bill is necessary for the immediate preservation of the public peace, health, and safety.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (2)
Last Action
Governor Signed (on 06/06/2018)
Official Document
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