NOTE: The governor signed this measure on 6/5/2015.
      
      
      SENATE BILL 15-209
      
      
      BY SENATOR(S) Balmer, Todd, Grantham, Holbert, Lambert, Marble,
      Neville T., Scheffel, Woods;
      also REPRESENTATIVE(S) Williams, Conti, Klingenschmitt, Lawrence.
      
      
      Concerning an amendment to specified statutes governing the
           management of the financial affairs of a unit owners'
           association under the "Colorado Common Interest
           Ownership Act" so as to exempt communities in which a
           majority of units designated for residential use are time
           share units.
       
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 12-61-1001, amend
      (2) and (8) as follows:
      
           12-61-1001.  Definitions. As used in this part 10, unless the context
      otherwise requires:
      
           (2) (a)  "Common interest community" has the meaning set forth in
      section 38-33.3-103 (8), C.R.S.; except that "common interest
      community" does not include:
      
           (I)  A community managed by an association or unit owners'
      association in which a majority of units that are designated for
      residential use are time share units, as defined in section 38-33-110
      (7), C.R.S., or consist of time share interests as defined in section
      12-61-401 (4); or
      
           (II)  A community, resort, or development registered with
      the Colorado division of real estate as a time share subdivision.
      
           (b)  As used in this subsection (2), "majority of units" means
      the units to which are allocated more than fifty percent of the
      allocated interests in the common interest community
      appurtenant to all units that are designated for residential use.
      
           (8)  "HOA" or "homeowners' association" means an association or
      unit owners' association, as defined in section 38-33.3-103 (3), C.R.S.,
      whether organized before, on, or after July 1, 1992; except that the term
      does not include an association or unit owners' association in
      which a majority of units that are designated for residential use
      are time share units, as defined in section 38-33-110 (7), C.R.S. As
      used in this subsection (8), "majority of units" means the units to
      which are allocated more than fifty percent of the allocated
      interests in the common interest community appurtenant to all
      units that are designated for residential use.
      
           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.
      
      
      
      
      ____________________________  ____________________________
      Bill L. Cadman                Dickey Lee Hullinghorst
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Cindi L. Markwell                      Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO