Amended Version of HB 1359 Passed by Senate
Today, May 5, 2009, one day before the Colorado General Assembly is slated to adjourn for the session, the Senate passed an amended version of House Bill 09-1359 (HB 1359) which addresses association reserve studies, dissemination of information to members of boards and qualifications of committee chairs.
The primary amendment passed by the Senate, cleaned-up some of the language addressing reserve studies. However, the amendment did not clarify whether associations are actually required to have reserve studies conducted - which is our biggest concern with HB 1359. The Senate version of the bill, which will likely be adopted by the House, provides that associations must adopt a responsible governance policy concerning: "When the association has a reserve study prepared for the portions of the community maintained, repaired, replaced, and improved by the association; whether there is a funding plan for any work recommended by the reserve study and, if so, the projected sources of funding for the work; and whether the reserve study is based on a physical analysis and financial analysis. For the purposes of this subparagraph (IX), an internally conducted reserve study shall be sufficient."
The other amendment passed by the Senate provides that any person appointed "after August 15, 2009" to chair a committee of an association must meet the qualifications required by the governing documents of the association to run for, or be appointed to, a position on the association's board.
The bill will now go back to the House for concurrence. The House is expected to act on HB 1359 before the General Assembly adjourns for this legislative session.
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