HB 22-1387

  • Colorado House Bill
  • 2022 Regular Session
  • Introduced in House Apr 28, 2022
  • Passed House Apr 28, 2022
  • Passed Senate May 06, 2022
  • Governor

Common Interest Communities Reserve Funds

Abstract

The bill requires mandatory reserve studies for common interest communities that have major shared components, including common elements or property that the unit owners' association (association) is responsible for maintaining, repairing, or replacing. The bill: Specifies the level of reserve study required and the necessary components of the reserve study at each level; Requires the declarant to obtain reserve studies commencing with the development of the common interest community and to provide reserve studies to potential purchasers of units in the common interest community in the seller's disclosures; and Requires the declarant to provide a reserve study at the time the declarant turns the common interest community property over to the association, along with reserve funds recommended by the reserve study. The bill defines "emergent life circumstances" and authorizes an association's executive board to obtain additional funding from unit owners to address dangerous conditions if the reserve funds are not sufficient to address the conditions. The bill limits the investment of reserve funds in financial instruments that are not insured by a federal agency. The bill clarifies that certain reserve study requirements in the bill apply to preexisting common interest communities with respect to events and circumstances occurring on or after July 1, 2024. The bill takes effect July 1, 2024. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Bill Sponsors (4)

Votes


Actions


May 27, 2022

Office of the Governor

Governor Vetoed

Senate

Signed by the President of the Senate

Office of the Governor

Sent to the Governor

May 26, 2022

House

Signed by the Speaker of the House

May 10, 2022

House

House Considered Senate Amendments - Result was to Concur - Repass

May 09, 2022

House

House Considered Senate Amendments - Result was to Laid Over Daily

May 06, 2022

Senate

Senate Third Reading Passed - No Amendments

May 05, 2022

Senate

Senate Second Reading Special Order - Passed with Amendments - Floor

May 03, 2022

Senate

Senate Committee on State, Veterans, & Military Affairs Refer Unamended to Senate Committee of the Whole

  • Committee-Passage
  • Referral-Committee
State, Veterans, & Military Affairs Senate Committee of the Whole

Apr 28, 2022

Senate

Introduced In Senate - Assigned to State, Veterans, & Military Affairs

  • Introduction
State, Veterans, & Military Affairs

House

House Third Reading Passed - No Amendments

Apr 27, 2022

House

House Second Reading Special Order - Passed with Amendments - Committee

Apr 26, 2022

House

House Committee on Transportation & Local Government Refer Amended to House Committee of the Whole

  • Committee-Passage
  • Referral-Committee
House Committee of the Whole Transportation Local Government

Apr 18, 2022

House

Introduced In House - Assigned to Transportation & Local Government

  • Introduction
Transportation & Local Government Transportation Local Government

Bill Text

Bill Text Versions Format
Signed Act (05/27/2022) PDF
Final Act (05/27/2022) PDF
Rerevised (05/06/2022) PDF
Revised (05/05/2022) PDF
Reengrossed (04/28/2022) PDF
Engrossed (04/27/2022) PDF
Introduced (04/18/2022) PDF
PA1 (04/27/2022) PDF
Committee Amendment PDF

Related Documents

Document Format
Fiscal Note FN1 (04/21/2022) PDF
Fiscal Note FN2 (08/05/2022) PDF

Sources

Data on Open States is updated periodically throughout the day from the official website of the Colorado General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.