The Colorado Division of Real Estate (“Division”) has just provided the following updated information on the HOA Registry:
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As we approach 2011, it’s the perfect time for boards of community associations to take a look at the approaches they are using to govern their associations and address big picture issues. Here are some New Year Resolutions boards may want to consider:Continue Reading 2011 New Year Resolutions for Boards
On December 18, 2010, President Obama signed S.3987 into law. As we noted in our December 14th blog posting, the purpose of the legislation is to limit the types of businesses and entities defined as “creditors” which are required to comply with the Red Flags Rule (“Rule”).Continue Reading President Obama Signs Legislative Fix to Red Flags Rule into Law
The Colorado Department of Regulatory Affairs ("DORA") has promulgated an Emergency Rule that will provide a grace period for HOAs to register with the Division of Real Estate ("Division") through February 28, 2011. In fact, the Rule states: "The purpose of this rule is to provide an immediate and automatic temporary registration to HOA’s who have not been required to register in the past, but are now required to do so pursuant to House Bill 10-1278."Continue Reading Grace Period Granted for HOA Registration
We often hear the terms “proxy” and “ballot” used interchangeably. The documents are not one and the same, and Associations should take care to treat them differently.
A proxy is a document executed by an owner that grants to another person the owner’s right to vote on a given matter in the Association. Generally, an individual who cannot attend a meeting will grant a proxy to another person who will attend the meeting. This helps to ensure that the Association reaches quorum and is able to transact business, and allows the absent party to have a vote in the matters at hand.Continue Reading Proxies and Written Ballots – What’s the Big Difference?
As we mentioned in our December 8th posting on the Red Flags Rule (“Rule”), implementation of the Rule by the Federal Trade Commission (“FTC”) has been repeatedly delayed since 2008 while members of Congress seek a legislative fix limiting the scope of the Rule. The FTC is currently slated to begin enforcement of the Rule on January 1, 2011. Continue Reading Legislative Fix for Red Flags Rule Sent to President Obama
When an Association receives a Notice of Bankruptcy from the Bankruptcy Court, the Association should pay close attention to this document. This Notice is very important to the Association’s ability to collect pre-petition debt. Continue Reading The Importance of the “Notice of Bankruptcy”
The United States Department of Housing and Urban Development (“HUD”) has just announced an extension of the December 7th deadline for recertification of condominium projects that had received approval for FHA-backed mortgage insurance prior to October 1, 2008. Continue Reading FHA Re-Certification Deadline Extended
It’s not surprising if you haven’t heard of the Red Flags Rule (“Rule”). That’s because since the Rule was originally slated to go into effect in January of 2008, members of the United States Congress have repeatedly asked the Federal Trade Commission (“FTC”) to delay implementation of the Rule while a legislative fix was sought limiting the entities that will be required to comply with the Rule. While that task has not been accomplished, the Rule is currently slated to become effective on January 1, 2011.Continue Reading Red Flags Rule Effective January 1st
The Federal Housing Administration is implementing a new approval process for condominium projects. All projects must now obtain re-approval every two years. Most current approvals are scheduled to expire on December 7, 2010.
Check your condominium’s approval status at the following link, and contact us if you need assistance obtaining re-approval before the December deadline.
