CO HB1099

Declarants of new planned communities or condominiums must obtain a 30-year reserve study from an independent professional before selling the first unit, with updates required after each construction phase and a final study at transfer of control to the homeowners association

Declarants must provide the reserve study to prospective purchasers at least 24 hours before closing and pay 1.5% of the amount needed to fully fund reserves to the association at transfer of control

Former association management companies must deliver all association property, records, money, accounts, passwords, and keys to new management within 45 days of termination at no charge

Management companies that fail to meet the 45-day transfer deadline must pay the association $250 per business day of delay, plus any interest, late fees, and damages caused by the delay

Courts may award treble damages plus attorney fees and costs against management companies found to have willfully violated the transfer requirements