New state legislation affects Home Owners Associations
The Colorado State Legislature has made some major changes in our state laws concerning homeowners associations. These changes are in Senate Bill-100 which was signed into law on June 6, 2005, and includes, among other things, an outline of responsible governance policies that must be adopted by the homeowner associations in their bylaws.Association governance requirements cover accounting standards; policies, procedures, and rules; powers of the association; audit and review of records; notice of meetings, owner participation in meetings; secret ballots; proxies; and conflicts of interest.The legislation also covered landscaping, display of flags, political signs, emergency vehicles, fire prevention, and the amendment of eclaration.Homeowners associations should review their governing documents in light of the requirements of Senate Bill-100 and make any necessary changes to bring them into conformance. SB-100 can be viewed on line at http://www.leg.state.co.us (Prior Session Information, 2005 House & Senate Bills).
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