CAI’s Colorado Legislative Action Committee (“CLAC”) would like to thank all of you who participated in our Calls to Action on Senate Bill 11-122 (“SB 122”). As a result of your participation in the legislative process, SB 122 was defeated yesterday in the Senate Judiciary Committee. SB 122 has been classified as “postponed indefinitely.”
While SB 122 will see no further action this legislative session, the doors are not necessarily closed on the issue. Senators who voted against SB 122 noted that Senator Lundberg has brought an important issue to the table – which is the promotion of bidding at public trustee foreclosure sales. Senators also grappled with the purpose of redemption and how to ensure that junior lienors (like HOAs) are able to recover the full value of their liens. Concern was further expressed about the unsavory practices engaged in by some purchasers of junior liens.
While things have quieted down for now, CLAC will monitor this issue during the current legislative session. We will also engage, in good faith, with stakeholders to tackle the issues expressed by members of the Senate Judiciary Committee while protecting the financial interests of HOAs in these tough economic times.
Thanks again for all of your grassroots efforts on SB 122! We will keep you informed as this issue develops.