SB 20-211 RESTRICTING HOA DEBT COLLECTIONS

The Colorado Legislature is currently on a fast track to consider a Bill (SB 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:

• The Bill would restrict a creditor (HOA) from enforcing a court judgment (e.g., garnishment, levy or execution of a judgment)
• The Bill is proposed to run to November 1, 2020 but could be extended through February 1, 2021
• Owners could still agree to voluntary payment plans

We believe the current proposal is overreaching and will greatly impair an association’s ability to meet its financial obligations. It will also likely place homeowners in greater financial peril once the restrictions on enforcement, expire. We strongly encourage you to review the proposed bill here, and recommend that all concerned parties contact their representatives and express disapproval of SB 20-211. Find your representative here.

If you have any questions on our position of this proposed Bill, reach out to us!