SB 89 Passes Its Third Reading in the Senate
This morning SB 89 passed its third reading in the Senate 35-0 with Senators Williams and Senator McElhany as co-sponsors and is now headed to the Colorado House of Representatives for consideration. (Click here for the "reengrossed" version of the bill - this version includes all amendments adopted by the Senate.) In the House, its House sponsor - Representative Carroll - will introduce the bill. Immediately after introduction, the Speaker of the House, Andrew Romanoff, will assign it to a committee of reference. Like the Senate Judiciary Committee, this committee will take public testimony on SB 89 and closely analyze its provisions. We will keep you posted on when SB 89 is introduced in the House and to what committee it is assigned.
It is unfortunate that the "Clean-Up" Bill is missing a major error that is creating a real "mess" for those Associations located in Rural and Mountainous areas. Why? Because most of the property sold/traded/bought is done via Quit Claim Deeds, Warranty Deeds and Treasury Deeds, none of which is covered by this Bill. Only Brokered Sales are covered. This leaves all of us in rural Areas with a serious problem because as the Bill now stands, all other than Brokered Sales slip through the requirements this Bill was intended to solve. I hope that someone will listen and act to close this "wide open" gap before all this winds up in a courtroom.
Sincerely,
George Naanes
President, CMEPOA, Inc.
Does the SB89 cover the declarant that is acting in place of a HOA? I'm concerned about the insurance we are charged (mandatory) and conflict of interest because the family members are on all the boards and ACC.