Representative Jovan Melton (D-Arapahoe County) has introduced House Bill 16-1149 (HB 1149) which would require HOAs created before July 1, 1992, to comply with the budget ratification provision in CCIOA.
In a nutshell, the budget ratification provision of CCIOA requires boards of HOAs to provide a summary of the proposed budget (many HOAs provide a copy of the actual budget) they have adopted to the homeowners in their HOA and to notice a budget ratification meeting for consideration of the budget. (It is not unusual for budget ratification to be held during the annual meeting of an association.) If at the meeting a majority of all owners (or a larger percentage as specified in the declaration) do not vote to veto the budget , the budget is automatically deemed approved – regardless of whether quorum is present at the meeting.
While I suspect this bill will make it through the House which is controlled by the Democrats, it will be interesting to see how the bill does in the Republican controlled Senate. Stay tuned for updates on HB 1149 as it moves through the legislative process.