ColoradoProtect Financial Condition of Homeowners Associations
What it does
The act requires the declarant of a new planned community or condominium, prior to transfer of control from the declarant to the association of a planned community or condominium, to obtain and pay for a reserve study for the planned community or condominium. The study must estimate the projected costs of maintaining, repairing, or replacing the common elements or property of the planned community or condominium over a 30-year period. The reserve study must be conducted by an independent reserve study professional or other qualified professional with knowledge of industry standards and that has no business relationship with or financial interest in the declarant and is not a affiliate of the declarant.
More detail
When an association, other than a self-managed association, changes association management companies, the former association management company shall, within 45 days, deliver to the new association management company or the association, at no charge to the association, all association property, records, money, accounts, information, and other items or information specified in the act (property and records). Unless otherwise agreed in writing, the former association management company shall pay the association $250 for each business day that it fails to timely return the association's property and records and is liable for all interest and late fees on late payments made by the association due to the former association management company's failure to turn over the property and records, as well as any other damages incurred by the association. In a civil action to recover the property and records or the payments owed to the association for the former association management company's failure to turn over the property and records, if the court finds that the former association management company's violation was willful, the former association management company shall be liable for treble the association's actual damages, plus reasonable attorney fees and court costs.(Note: This summary applies to this bill as enacted.)
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 13Governor Jared Polis SignedBecame Law
- Apr 2Sent to the GovernorTo Governor
- Apr 1Signed by the Speaker of the HouseMajor
- Apr 1Signed by the President of the SenateMajor
- Mar 25Senate Third Reading Passed - No AmendmentsPassed Senate
- Vote recorded BILL. Result: pass.Lower
- Vote recorded BILL. Result: pass.Upper
- Mar 24Senate Second Reading Passed - No AmendmentsMinor
- Mar 19Senate Committee on Local Government & Housing Refer Unamended to Senate Committee of the WholeMinor
- Vote recorded Refer House Bill 26-1099 to the Committee of the Whole. Result: pass.Upper
- Mar 3Introduced In Senate - Assigned to Local Government & HousingMinor
- Feb 26House Third Reading Passed - No AmendmentsPassed House
- Vote recorded BILL. Result: pass.Lower
- Feb 25House Third Reading Laid Over Daily - No Amendments
- Feb 24House Committee of the Whole Amendment - Change from Passed to Lost
- Vote recorded AMD (H.001). Result: pass.Lower
- Feb 24House Second Reading Special Order - Passed with Amendments - Committee
- Feb 23House Second Reading Laid Over Daily - No Amendments
- Feb 18House Committee on Transportation, Housing & Local Government Refer Amended to House Committee of the WholeMinor
- Vote recorded Refer House Bill 26-1099, as amended, to the Committee of the Whole. Result: pass.Lower
- Vote recorded Adopt amendment L.002 (Attachment D). Result: pass.Lower
- Feb 3Introduced In House - Assigned to Transportation, Housing & Local GovernmentIntroduced