CO HB1043

HOAs must strictly comply with all lien and foreclosure provisions before recovering money through foreclosure, and courts may stay proceedings to allow compliance while prohibiting late fees and interest during the stay

Unit owners facing HOA foreclosure can file a motion to stay the auction sale and list their property at fair market value, with the stay lasting 9 months (extendable for imminent sales or good cause)

HOAs must provide at least 30 days written and electronic notice before initiating foreclosure, informing owners of credit counseling rights, mediation rights, and potential consequences including loss of equity

Delinquency notices must now explicitly warn that foreclosure could result in the sale of the owner's unit at auction and potential loss of some or all equity in the property

HOAs must annually report to the Division of Real Estate data on delinquent owners, judgments obtained, payment plans entered, and foreclosure actions filed