If you are a Post-CCIOA community you are familiar with the budgeting process. However, if you live in a community association that was developed prior to July 1, 1992 you may not. House Bill 18-1342 was passed by Governor John Hickenlooper requiring all Pre-Colorado Common Interest Ownership Act (CCIOA) to follow the same veto process found in Section 303(4)(a) of CCIOA.
The bill does have an exception for communities if the maximum assessment is limited in the declaration and the proposed increase does not exceed the maximum increase allowed, the community can pass the budget without veto power… However, the community is still responsible for sending the budget and holding a meeting.
The effective date for this change was July 1, 2018
Leave a Reply