HB 22-1387 CO

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Vetoed

The act requires mandatory reserve studies for common interest communities that have major shared components, including common elements or property that the unit owners' association (association) is responsible for maintaining, repairing, or replacing. The act: Specifies the level of reserve study required and the necessary components of the reserve study at each level; Requires a declarant to obtain reserve studies commencing with the development of the common interest community and to provide reserve studies to potential purchasers of units in the common interest community in the seller's disclosures; and Requires the declarant to provide a reserve study at the time the declarant turns the common interest community property over to the association, along with reserve funds recommended by the reserve study. The act defines "emergent life circumstances" and authorizes an association's executive board to obtain additional funding from unit owners to address dangerous conditions if the reserve funds are not sufficient to address the conditions. The act limits the investment of reserve funds in financial instruments that are not insured by a federal agency. The act clarifies that certain reserve study requirements in the act apply to preexisting common interest communities with respect to events and circumstances occurring on or after July 1, 2024. (Note: This summary applies to this bill as enacted.)

• Brianna Titone Democratic · primary
• Mary Bradfield Republican · primary
• Rhonda Fields · primary
• Kevin Priola · primary

1. May 27, 2022 Governor Vetoed · executive
2. May 27, 2022 Signed by the President of the Senate · upper
3. May 27, 2022 Sent to the Governor · executive
4. May 26, 2022 Signed by the Speaker of the House · lower
5. May 10, 2022 House Considered Senate Amendments - Result was to Concur - Repass · lower
6. May 9, 2022 House Considered Senate Amendments - Result was to Laid Over Daily · lower
7. May 6, 2022 Senate Third Reading Passed - No Amendments · upper
8. May 5, 2022 Senate Second Reading Special Order - Passed with Amendments - Floor · upper
9. May 3, 2022 Senate Committee on State, Veterans, & Military Affairs Refer Unamended to Senate Committee of the Whole · upper
10. Apr 28, 2022 Introduced In Senate - Assigned to State, Veterans, & Military Affairs · upper
11. Apr 28, 2022 House Third Reading Passed - No Amendments · lower
12. Apr 27, 2022 House Second Reading Special Order - Passed with Amendments - Committee · lower
13. Apr 26, 2022 House Committee on Transportation & Local Government Refer Amended to House Committee of the Whole · lower
14. Apr 18, 2022 Introduced In House - Assigned to Transportation & Local Government · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Signed Act (05/27/2022) · PDF
• Final Act (05/27/2022) · PDF
• Rerevised (05/06/2022) · PDF
• Revised (05/05/2022) · PDF
• Reengrossed (04/28/2022) · PDF
• Engrossed (04/27/2022) · PDF
• Introduced (04/18/2022) · PDF
• PA1 (04/27/2022) · PDF
• Committee Amendment · PDF