Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that amends unit ownership rules regarding payment owed to a community in Colorado.

Highlights:

• Establishes new restrictions on HOA’s ability to foreclose on certain properties (Sec. 1)

• Limits how money associations can charge in attorney fees when they are trying to collect what they are owed (Sec. 1).

• Authorizes homeowners and renters to have new chances and a first right at redemption at keeping their homes and properties in the event a house is foreclosed on by an HOA and sold at auction (Sec. 1). 

• Specifies that an HOA can’t file for foreclosure against a resident unless it has first filed a lawsuit in civil court to collect its debt or filed an involuntary bankruptcy petition against the homeowner in question (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that amends unit ownership rules regarding payment owed to a community in Colorado.

Highlights:

• Establishes new restrictions on HOA’s ability to foreclose on certain properties (Sec. 1)

• Limits how money associations can charge in attorney fees when they are trying to collect what they are owed (Sec. 1).

• Authorizes homeowners and renters to have new chances and a first right at redemption at keeping their homes and properties in the event a house is foreclosed on by an HOA and sold at auction (Sec. 1). 

• Specifies that an HOA can’t file for foreclosure against a resident unless it has first filed a lawsuit in civil court to collect its debt or filed an involuntary bankruptcy petition against the homeowner in question (Sec. 1).

Full Bill Text