CO SB021

Increases the unit threshold for small cooperatives and planned communities created before July 1, 1998 from ten to twenty units to qualify for exemption from most Colorado Common Interest Ownership Act requirements.

Clarifies that planned communities with annual average common expense liability not exceeding $400 per residential unit (adjusted annually for inflation) can be exempt from full HOA regulation requirements regardless of creation date.

Allows cooperatives and planned communities currently exempt under this provision to voluntarily elect full compliance with all HOA regulations by amending their declaration.

Requires the HOA Information Officer to notify affected cooperatives and planned communities by November 1, 2024 about their new regulatory status and option to elect full compliance.

Takes effect 90 days after the general assembly adjourns, subject to voter approval if a referendum petition is filed.