SB 89 Passes Second Reading In House
SB 89 passed its second reading in the Colorado House of Representatives this afternoon. In addition to the Local Government Committee report (discussed here), Representative Carroll introduced two floor amendments, both of which were adopted.
The first amendment exempts declarant controlled communities and phased communities from the section placing a 67% cap on the percentage of affirmative votes that may be required to amend an association declaration. (38-33.3-217)
The second amendment addresses three different issues. Most importantly, it amended out the hostile amendment that would have allowed associations to opt out of CCIOA. (This amendment is discussed in this post.) Second, it gives associations until January 1, 2007 to adopt the required ADR policy. The last amendment came from the Colorado Society of CPAs and further fine-tuned the financial record-keeping requirements for associations. (The language of these amendments will be posted once available.)
It is expected that SB 89 will pass its third reading as early as tomorrow. At that point, it will travel back to the Senate. The Senate will then decide whether to accept the changes to the bill made by the House or to call a conference committee made up of members from both the House and Senate. At this point, it is likely that the Senate will accept the changes made by the House. We will continue to keep you updated as developments arise.