HB15-1040 Summary

• Excludes common interest communities with fewer than 200 units, only nonresidential units, or only timeshare units from licensing requirements under the Colorado Common Interest Ownership Act.

• Redefines "community association manager" to require a license only when a person engages in 4 or more community association management practices, increased from performing at least one practice.

• Eliminates the requirement for chief executive officers and supervisory executives to obtain separate licenses for managing or overseeing community association management staff.

• Requires only one designated manager's license when multiple individuals perform community association management duties for a single common interest community, with other staff exempt from licensing requirements.

• Removes the examination requirement for all employees of partnerships, limited liability companies, or corporations except the designated manager applying for the license.