Allow Pre-Colorado Common Interest Ownership Act Homeowners' Association Members to Veto Homeowners' Association Budget

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; except that the bill does not apply to a common interest community that predates the Act if the common interest community's declaration sets a maximum assessment amount or provides a limit on the amount that the common interest community's annual budget may be increased. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More