Bill Introduced to Address Lien Rights for a Small Subset of HOAs in Colorado
Senator Owen Hill (R-El Paso) has just introduced Senate Bill 14-140 (“SB 140”) which would impact the lien rights of those HOAs which fall within the Colorado Common Interest Ownership Act (“CCIOA”) exception for small new cooperatives and small and limited expense planned communities. In order to be permitted to record liens for past due assessments, to foreclose upon those liens and to collect related fees and charges permitted under the declarations for these associations, this bill would require these HOAs to amend their declarations to adopt all provisions of CCIOA.
CAI’s Colorado Legislative Action Committee is reviewing this bill and will be talking with Senator Hill to obtain a better understanding of his rationale for introducing SB 140. Stay tuned for more updates on SB 140 as they become available.
Molly Foley-Healy is Chair of CAI’s Colorado Legislative Action Committee.