New State Law Governs HOAs
HOA board members and managers have been busy implementing a new State law that requires HOAs to adhere to certain guidelines about how they operate – including requirements for enhanced communication, annual disclosures, and mandatory written policies and procedures, to name a few. SB100 was passed by the Colorado Legislature in 2005, and is now in effect.
Each HOA is responsible for implementing SB100 for its own Association, but Master Association board members, and representatives from many of CPN’s neighborhood HOAs, found it extremely valuable to collaborate on a Master Association Task Force which provided a forum to understand the requirements and share information.
Compliance with the communication requirements of SB 100 was a smooth transition for CPN, since the Master Association has developed communication tools and resources. The individual HOAs may choose to utilize these tools at no charge for posting documents, to send e-mail alerts notifying residents of time-critical information, and to post HOA management and contact information.
The Master Association has also published the required disclosures and documentation on the web site. Homeowners without web access may obtain copies by contacting the Master Association at 303-482-3078.
More Changes to Come
Residents can expect to see additional changes in legislation for 2006 in regard to HOAs. Some of the language of SB100 was unclear and conflicting in areas. SB 100’s Senate sponsor, Senator Hagedorn, has already introduced Senate Bill 06-089, entitled “HOA Cleanup Legislation.” The Master Association will be following this legislation.
The Master Association has established a one-page directory of the required homeowner disclosures. To view these disclosures, go to www.cpnhoa.org/master and visit the Disclosures page.
Association Policies, Procedures and Documents
Master Association policies are now available on the web site along with the governing documents. For additional information, go to www.cpnhoa.org/master and visit the Documents and Policies page.