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Responsible Governance Policies: A Quick Reference Tool

September 13, 2018

In 2005 and 2006 the legislature passed Senate Bills 05-100 and 06-89 (commonly referred to as SB 100 and SB 89) which were codified into the Colorado Common Interest Ownership Act (CCIOA) at Colorado Revised Statutes (C.R.S.) 38-33.3-209.5. C.R.S. 38-33.3-209.5 requires every Common Interest Community (CIC) in Colorado, including those pre-existing the adoption of CCIOA, to adopt 9 Responsible Governance Policies (RGPs). Since the adoption of SB 100 and 89 there have been additional legislative changes that have required updates and modifications to the RGPs. This guide provides a quick reference tool to assist your CIC in determining if the RGPs are up to date. Any questions or concerns about RGPs and/or insuring that your CIC is in compliance may be directed to the offices of Goodman and Wallace, PC.

38-33.3-209.5- Responsible Governance Policies and Procedures

 

Below are listed the nine RGPs with original adoption dates and the dates of legislative updates that require a change or modification to that policy. If any of your RGPs have not been updated per the dates below you are due for a compliance review. Failing to update your RGPs can lead to your CIC losing the ability to enforce its Governing Documents and can create potential liability for your CIC.

 

1. Collection of Unpaid Assessments;

a. Originally required: 2006

b. New requirements - mainly to require offering a 6 month payment plan for Assessment delinquencies and Board approval of each Assessment foreclosure before commencement of the foreclosure:

i. Effective January 1, 2014 by addition of SB 38.33.3-209.5 (5), HB 13-1276 and SB 38.33.3-316.3 2014.

 

2. Board Member Conflicts of Interest;

a. Originally required: 2006

b. New requirement - related to alignment with Nonprofit Act:

i. Effective April 13, 2011 by SB 38.33.3-209.5 (2) (b) (II); (4), and HB 11-1124

 

3. Conduct of Meetings;

a. Originally required: 2006

b. No new requirements but policy should address all of the requirements of C.R.S. 38-33.3-308 including a clear process for how Board and Owner meetings are conducted.

 

4. Enforcement of covenants and rules;

a. Originally required: 2006

b. New requirement - related to required fine structure and opportunity for a hearing before an impartial decision maker before assessment of a fine:

i. Effective July 1, 2008 by SB 38.33.3-209.5 (2-3);

 

5. Inspection and copying of association records by unit owners;

a. Originally required: 2006

b. New requirements per C.R.S. 38-33.3-209.4 and 38-33.3-317.

i. 209.4 amended in 2013 and 2015

ii. 317 amended January 1, 2013 with Section 3.5 added in 2014

 

6. Investment of reserve funds;

a. Originally required: 2006

b. No new requirements;

 

7. Adoption and amendment of policies, procedures, and rules

a. Originally required: 2006

b. No new requirements;

 

8. Dispute Resolution Policy: 

a. Originally required: 2006

b. No new requirements but consideration of a policy that requires arbitration worth evaluating as CCIOA was modified to allow the requirement of arbitration if there is a policy requiring arbitration.

 

9. Reserve Study Policy – addresses schedule of reserve studies and how reserve will be funded

a. Originally required: August 5, 2009 HB 09-135

b. No new requirements.

 

 

 

 

 

 

 

 

 

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