HB15-1095 Summary

• Amends Colorado Revised Statutes section 38-33.3-119 to extend exemptions under the Colorado Common Interest Ownership Act for small cooperatives and planned communities created before July 1, 1992.

• Adds an additional exemption criterion allowing communities whose declaration limits annual common expense liability to the amount specified in section 38-33.3-116(1) to qualify for the small community exemption.

• Exempt communities remain subject only to sections 38-33.3-105 to 38-33.3-107 unless they amend their declaration to take advantage of provisions in section 38-33.3-120, which would then require compliance with all sections in 38-33.3-117.

• Takes effect at 12:01 a.m. on the day following the expiration of the 90-day period after final adjournment of the general assembly (August 5, 2015, if sine die is May 6, 2015), subject to potential referendum petition.

• Governor John W. Hickenlooper approved the bill.