CCIOA Public Policies that Supersede Restrictive Covenants

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Colorado statutes, in the Common Interest Ownership Act, supersede many restrictive covenants.

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Insurance Requirements for Licensed Managers

Insurance requirements for community association managers (CAMs) are provided by statute and CAM “D Rules.” Licensed CAMs who are employees of a management company are required to obtain and maintain errors and omissions insurance and crime/fidelity insurance in amounts described in the rules. Licensed managers who are employed by an owner association are to be named as an additional insured on the Association’s fidelity policy. The state will accept a community’s D&O policy in lieu of an E&O policy, so long as the policy meets the coverage limits outlined in the statute and the CAM rules.Managers should watch for future changes to the rules related to the rule making hearing set for July 22, 2015.

Obtaining a Provisional CAM License if you Fail the Exam

The deadline to become licensed is quickly approaching. For those managers who have not successfully passed the CAM exam on their first try – all hope is not lost! Here is what you can do to obtain a Provisional License:

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What you Should Know Before you Buy in a Condominium Community

Are you in the market for a condominium?  If you buy a condominium you will become a member of an owners association.  The owners association (or HOA) offers to protect the value of properties in the community through maintenance services, restrictive covenants and rules and more.  The HOA is likely administered by a board of directors—volunteer homeowners elected by their fellow residents to set budgets and policy.  

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Division of Real Estate Publishes Emergency Rules

On May 20, 2015, Governor Hickenlooper signed House Bill 15-1343 into law.  Consequently, the Director of the Division of Real Estate published Emergency Rules, effective May 21, 2015 through September 21, 2015, specifying the application and license requirements for obtaining a Provisional License or an Apprentice License.

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