Colorado Legislative Council Staff
NO FISCAL IMPACT
(Replaces No Fiscal Impact dated February 2, 1998)
March 11, 1998
Senate Business Affairs
Steve Tammeus (866-2756)
TITLE: CONCERNING THE “COLORADO COMMON INTEREST OWNERSHIP ACT”, AND, IN CONNECTION THEREWITH, ALLOWING VARIATION BY AGREEMENT FROM CERTAIN PROVISIONS OF THE ACT, EXPANDING THE EXEMPTION FROM THE ACT FOR NEW SMALL COOPERATIVES AND SMALL AND LIMITED EXPENSE PLANNED COMMUNITIES, REQUIRING ADDITIONAL NOTICE OF MEETINGS OF A UNIT OWNERS’ ASSOCIATION, AND REQUIRING NOTICE OF MEETINGS OF A UNIT OWNERS’ ASSOCIATION’S EXECUTIVE BOARD OR COMMITTEE THEREOF.
Summary of Assessment
This reengrossed bill amends certain provisions of the “Colorado Common Interest Ownership Act” including the following:
• defines a “master association” as an organization authorized to exercise some or all of the powers of one or more associations on behalf of one or more common interest communities or for the benefit of the unit owners of one or more common interest communities;
• expands the provisions covering exceptions for new small cooperatives and small and limited expense communities with regard to separate titles and taxation, applicability of local laws and regulations, and allocation of interests if a unit is acquired by eminent domain;
• provides certain conditions for the term of a declaration to be extended, stipulates the content of the amended declaration, and specifies how the declaration is to be recorded;
• revises the content of a declaration with regard to allocation of interests and assessment of common expenses;
• revises provisions that require a plat or map to be included as a part of the declaration, and that require a map to be certified by a registered land surveyor;
• allows additional development rights to be reserved within any real estate added to the common interest community, subject to certain conditions;
• revises the percentage of unit owners required to vote in an election to amend a declaration; to convey or encumber portions of the common elements of a condominium, planned community, or cooperative; or to determine to not rebuild or restore a damaged portion of the common interest community;
• requires advance notice to be given to unit owners of meetings of the executive board or committee; and
• revises the provisions regarding the assessment and enforcement of liens.
This reengrossed bill will become effective on July 1, 1998. The bill will not affect state or local government revenue or expenditures. Therefore, the bill is assessed as having no fiscal impact.