House Bill 1197, sponsored by Representative Deb Gardner, was introduced today in the Colorado House of Representatives.
The bill, as originally introduced, addresses: (1) calculation of an association’s superlien; (2) timeframe for a lender to pay an association’s superlien; (3) penalties that may be assessed for failure to pay the superlien; (4) affect of payment of the superlien on subsequent foreclosures; (5) the ability of associations to foreclose on a superlien and junior lien in the same action; (6) the affect on a senior lien by an association’s foreclosure; and (7) the requirement of an association to provide ledgers evidencing delinquencies.
CAI’s Colorado Legislative Action Committee (“CLAC”) is working with Representative Gardner to address issues with the bill. HB 1197 has been assigned to House Economic and Business Development Committee.
We will closely monitor HB 1197 and will provide you with updates as it proceeds through the legislative process.