Summary
Under current law, certain small communities are exempt from various requirements of the Colorado Common Interest Ownership Act (CCIOA), which governs the conduct of homeowners' associations. SB24-021 would consolidate and amend the current exemptions, to state that a cooperative or planned community may avail itself of the exemption if: (1) a cooperative or planned community was created on or after July 1, 1992, and it either (i) contains only units restricted to nonresidential use or (ii) contains no more than 20 units and is not subject to any development rights; or (ii) a planned community provides in its declaration that the annual average common expense liability of each unit restricted to residential purposes must not exceed $400, as adjusted annually since July 1, 1999, for changes in the Consumer Price Index. A cooperative or planned community that is eligible for the exemption may elect instead to be subject to CCIOA by adopting an amendment to its declaration evidencing such election.