“No homeowner should find themselves in foreclosure just because of a minor fee or a fine that’s been assessed by their HOA,” said Sen. Julie Gonzales, a Denver Democrat and bill sponsor.
The Denver senator acknowledged that there’s more work to be done regarding HOAs at the state level, adding that the HOA lobby is strong. Lawmakers made concessions to get HB 22-1137 passed, removing some of the stronger protections.
Andrew Mowery of the Colorado HOA Homeowner Advocates wrote in a statement that Colorado still needs an HOA Ombudsman’s Office and affordable alternative dispute resolution like other states have, but he called the new law “a first step in helping homeowners avoid disputes and the associated expenses.”
HB22-1137, he said, implements “costly and tedious foreclosure notification procedures” that will ultimately increase HOA costs, and there’s no enforcement mechanism if an HOA violates the law except at great cost to homeowners through the civil court process. The bill would have required HOAs to conduct a reserve study every 30 years and update it every five years, finding out what their community’s liabilities are and how they’re going to pay for that maintenance and repairs before any problems become worse.
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