Amended Version of HB 1110 Clears the Colorado House
Yesterday, the Colorado House of Representatives passed an amended version of HB 1110. As we fully described in our January 21, 2011 blog entry, HB 1110 amends the Colorado Revised Nonprofit Corporation Act to apply certain governance provisions of CCIOA to “Residential Nonprofit Corporations.”
As originally introduced, HB 1110 caught community associations within the broad definition of Residential Nonprofit Corporation. However, on February 1, 2011, the bill was amended in the House Committee on Economic and Business Development to specifically exclude associations.
Yesterday, a further amended version of the bill was passed by the full House. The amendments are geared toward excluding the types of entities that fall within the definition of Residential Nonprofit Corporation. The bill is now more clearly focused upon independent senior living facilities which are created as nonprofit corporations. Community associations remain excluded in the House approved version of the bill.
The legislation will now be referred to the Senate for consideration. We will continue to follow HB 1110 to ensure that community associations remain excluded from falling within the parameters of the bill and will provide you with significant updates as they become available.