During the past few years, the Colorado Legislature has several times amended the Colorado Common Interest Ownership Act (CCIOA) by imposing new requirements for “good governance” policies. Among other things, HOA’s must now include with their “good governance” policies specific provisions concerning: (a) creation and administration of reserve funds, (b) enforcement of restrictive covenants, and (c) imposition of penalties for covenant violations. These requirements are quite detailed and complex. Failure to comply with CCIOA’s “good governance” policy rules and other legal requirements may adversely impact the HOA’s ability to enforce covenants against non-complying home owners and otherwise manage its affairs effectively. For more detailed information about this new requirement and other legal issues affecting creation and management of HOA’s, call or visit our offices today.
Home Owner Associations and CCIOA
Posted in General Law Tips