House Bill 18-1342: Budget Veto Provisions Applicable to Pre-CCIOA Communities

House Bill 18-1342 was introduced a few weeks ago in the Colorado Legislature. The bill aims to permit owners in pre-CCIOA communities to veto proposed association budgets. 

Currently, only owners in associations subject to CCIOA are permitted to veto proposed association budgets. To veto a proposed budget, a majority of all unit owners (or larger percentage specified in the Declaration) must do so at a scheduled owners’ meeting to consider the proposed budget. In the absence of a veto, the proposed budget is deemed approved.

Stay tuned for further updates on this proposed legislation and other pending Bills.

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