HB 24-1094 CO

0likes☆Favorite🔕SubscribeShare

Became Law

Before transferring or negotiating to transfer any subdivision or part of a subdivision, a developer is required to apply for registration with the real estate commission (commission). Current law requires that, with permission from the commission, any reservation fees that a developer receives from prospective purchasers while the developer's registration application is pending must be held in trust by a third party and be fully refundable. If the subdivision is a time share estate, the act requires that, after the commission has approved a developer's registration application, any earnest money received by the developer from a prospective purchaser must be held in trust by an independent third party. The act creates an exception to this requirement for earnest money deposits received from an accredited investor. A developer may use funds from an accredited investor's deposit for development purposes only if the purchase contract or other written disclosure clearly sets forth: To whom the funds will be delivered; When the delivery will occur; How the funds will be used; and Any restrictions on the use of the funds. APPROVED by Governor May 28, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)

• Meghan Lukens Democratic · primary
• Matt Soper Republican · primary
• Dylan Roberts Democratic · primary
• Perry Will · primary

1. May 28, 2024 Governor Signed · executive
2. May 15, 2024 Sent to the Governor · executive
3. May 15, 2024 Signed by the President of the Senate · upper
4. May 15, 2024 Signed by the Speaker of the House · lower
5. Apr 17, 2024 Senate Third Reading Passed - No Amendments · upper
6. Apr 16, 2024 Senate Second Reading Special Order - Passed - No Amendments · upper
7. Apr 11, 2024 Senate Committee on Local Government & Housing Refer Unamended - Consent Calendar to Senate Committee of the Whole · upper
8. Feb 23, 2024 Introduced In Senate - Assigned to Local Government & Housing · upper
9. Feb 20, 2024 House Third Reading Passed - No Amendments · lower
10. Feb 16, 2024 House Second Reading Special Order - Passed with Amendments - Committee · lower
11. Feb 15, 2024 House Committee on Business Affairs & Labor Refer Amended to House Committee of the Whole · lower
12. Jan 24, 2024 Introduced In House - Assigned to Business Affairs & Labor · lower