On Monday, I blogged a reminder to HOA managers and board members about the annual disclosures associations are required to make within 90 days after the end of the association’s fiscal year. As I was thinking about creating an HOA checklist for 2012, it occurred to me that it’s important to add a reminder to renew your HOA’s registration with the Colorado Division of Real Estate (“Division”).
As you know, HOAs in Colorado were required to register for the first time with the Division prior to March 1, 2011, or face the possibility of penalties for failing to register. In early March, the Division published a Position Statement providing the opinion that pre-CCIOA communities (those HOAs created prior to July 1, 1992) were not required to register. However, since this Position Statement is not binding on the courts and the reasoning is subject to differing opinions, we have advised all of our HOA clients to register with the Division to avoid potential penalties.Continue Reading 2012 HOA To Do List Reminder: Renew HOA Registration