As we informed you in our January 31st blog entry, Senate Bill 11-122 (“SB 122”) was introduced for a second year in a row by Senator Lundberg. The bill, as currently written, would destroy the lien assignment market for HOAs – drying up an important revenue stream for associations in these tough economic times.
SB 122 was scheduled to be heard in the Senate Judiciary Committee on Monday. However, the bill was laid over and has been rescheduled to be heard by the Committee on Tuesday morning.
CAI’s Colorado Legislative Action Committee (“CLAC”) is working on another important bill that could significantly blunt the impact of SB 122 on associations. Important negotiations on this legislation will be taking place late this afternoon.
We will provide you with an update on CLAC’s position on SB 122 by early Monday morning. We will also be posting an important Call to Action on SB 122 if necessary. Please stay tuned for updates and be prepared to contact members of the Senate Judiciary Committee on Monday. In the event a Call to Action is needed, you will be provided with contact information for Senators and talking points.