CO HB1342

Extends budget veto rights to unit owners in common interest communities created before July 1, 1992, allowing a majority of unit owners to veto proposed budgets at noticed meetings, effective July 1, 2018.

Provides an exemption for pre-1992 communities where the declaration sets a maximum assessment amount or limits annual budget increases, allowing those budgets to proceed without veto rights if the proposed budget does not exceed the declared limits.

If a proposed budget is vetoed, the most recent budget not vetoed by unit owners continues until the executive board proposes a subsequent budget that is not vetoed.

Applies to budgets adopted by common interest community executive boards on or after July 1, 2018.

Declared necessary for immediate preservation of public peace, health, and safety, and was signed by Governor John W. Hickenlooper.