NOTE:  This bill has been prepared for the signature of the appropriate legislative
officers and the Governor.  To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
      history, or the Session Laws.
      
      
      HOUSE BILL 11-1324
      
      
      BY REPRESENTATIVE(S) Acree, Kerr J.;
      also SENATOR(S) Brophy.
      
      
      Concerning the applicability of provisions governing the financial
           obligations of a residential nonprofit corporation upon
           alteration of the membership status of a member.
       
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  7-126-304 (1) (a), Colorado Revised Statutes, as
      enacted by House Bill 11-1110, is amended to read:
      
           7-126-304.  Residential membership - return of consideration -
      cessation of periodic payments - time limits - effective date.
      (1)  Notwithstanding any provision of the articles of incorporation or
      bylaws to the contrary:
      
           (a) (I)  A residential nonprofit corporation shall refund the entrance
      fee of a residential member to the member or his or her heirs within ninety
      days after the member's resignation, termination, expulsion, or suspension
      from the corporation or the transfer of the residential membership.
      
           (II) (A)  This paragraph (a) applies only to contracts entered
      into on or after March 11, 2011.
      
           (B)  This subparagraph (II) is repealed, effective April 1, 2012.
      
           SECTION 2.  Safety clause.  The general assembly hereby finds,
      determines, and declares that this act is necessary for the immediate
      preservation of the public peace, health, and safety.
      
      
      
      
      ________________________________________________________
      Frank McNulty                      Brandon C. Shaffer
      SPEAKER OF THE HOUSE                     PRESIDENT OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
      
      
      ____________________________  ____________________________
      Marilyn Eddins                      Cindi L. Markwell
      CHIEF CLERK OF THE HOUSE                 SECRETARY OF
      OF REPRESENTATIVES                         THE SENATE
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO