CO HB1131

Executive boards of common interest communities cannot vote on proposed budgets unless a majority of all unit owners are present at a noticed meeting, with proxy designations counting toward this quorum requirement.

If a majority of unit owners are present and the executive board approves a proposed budget, a majority of unit owners present at the meeting may vote to veto the budget.

If a proposed budget is vetoed, the prior budget that was not vetoed must remain in effect until a subsequent budget is approved in accordance with these voting requirements and not vetoed.

The act applies to common interest community budgets proposed on or after the effective date, with an effective date of 12:01 a.m. on the day following the ninety-day period after final adjournment of the general assembly.

The act is subject to referendum petition and requires approval by voters at the November 2024 general election if a referendum petition is filed within the ninety-day period.