Just moments ago, Governor Hickenlooper signed the HOA records bill ("HB 1237") into law. The bill will become effective on January 1, 2013. As a result, there’s no time like the present for managers, management companies and HOA boards to become familiar with the requirements of the new law and to begin preparing to comply on the 1st of the year.
Check out this blog entry to learn more about: (1) records which HOAs will be required to maintain and to produce to owners upon request; (2) records which may be withheld from production to owners; (3) records which must be withheld from production to owners; (4) restrictions which owners in HOAs must follow when utilizing membership lists; and (5) procedures which HOAs will be permitted to utilize in obtaining and processing records requests from owners.
Important Note: Since HB 1237 does not go into effect until January 1, 2013, HOAs should continue to follow the current law and requirements of their Records Inspection Policy until the 1st of the year. If your HOA obtains a records request prior to January 1st and you are unclear on the requirements of the current law, please consult with legal counsel for guidance.
Tomorrow I will be blogging on what HOAs will be permitted to charge owners for assembling, producing and copying records under the new law. Also, continue to stay tuned to this blog for more information and tips on complying with HB 1237!