We have been following the newly adopted requirement that Colorado property owners’ associations register with the Colorado Division of Real Estate (the “Division”) no later than January 1, 2011, or face losing their assessment lien power and enforcement rights. See our earlier reports (Aug. 2010 and Dec. 2010) for background information on this new requirement.
For the past few months there has been uncertainty surrounding this requirement. Recently, steps have been taken to implement it. Aaron Acker has been hired as the HOA Information Officer and the Division has promulgated an emergency rule granting an automatic, temporary registration for Colorado property owners’ associations. This temporary registration expires on March 1, 2011. In addition, online registration is now available on the Division’s website. The registration fee is currently set at $8.93.
What is still uncertain is which Colorado property owners’ associations are subject to this new registration requirement—just those formed under the Colorado Common Interest Ownership Act (“CCIOA”) (adopted in 1992) or all property owners’ association, even those formed earlier than 1992 or otherwise exempt from CCIOA. We understand from Mr. Acker that this and other issues are still being reviewed and we will continue to follow this matter and report back any new developments.