GOVERNOR POLIS SIGNS SENATE BILL 20-211

In late June, SB 20-211 was approved, limiting creditors, including owner associations, from taking extraordinary actions to recover assessment delinquencies.  Specifically, associations are prohibited from garnishing wages, levying bank accounts or otherwise executing on a court judgment.  The Act is intended to provide some relief to individuals who have been financially impacted by the COVID virus.  This Bill went into effect immediately and is scheduled to sunset on November 1, 2020.

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PROPOSED BILL (SB 20-211) WOULD RESTRICT HOA DEBT COLLECTIONS!

PROPOSED BILL (SB 20-211) AND RESTRICTION OF DEBT COLLECTIONSThe Colorado Legislature is currently on a fast track to consider a Bill (Senate Bill 20-211) which will greatly impact an association’s ability to collect delinquent assessments. The Bill has passed through the State Senate and is now under review by the House. Below is a summary of the current proposal:

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HOA Subject to Property Tax?

Normally, property taxes on common areas are paid by the membership through taxes on their own property.  For the members of an exclusive San Francisco community, however, an unpaid tax bill lead to the sale of the private street that fronts their homes.  How did this happen?  Bad record-keeping or the failure to record the proper deeds at the time of transition?  It’s hard to say.  The association claims that the tax bill was sent to the wrong accountant.  Now, a $994 property tax bill is likely to cost these owners hundreds of thousands to correct the mistake.

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