§ 38-33.3-102 — Legislative declaration

Colorado § 38-33.3-102

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Colorado Common Interest Ownership Act

Text

(1) The general assembly hereby
finds, determines, and declares, as follows:

(a) That it is in the best interests of the state and its citizens to establish a
clear, comprehensive, and uniform framework for the creation and operation of
common interest communities;

(b) That the continuation of the economic prosperity of Colorado is
dependent upon the strengthening of homeowner associations in common interest
communities financially through the setting of budget guidelines, the creation of
statutory assessment liens, the granting of six months' lien priority, the facilitation
of borrowing, and more certain powers in the association to sue on behalf of the
owners and through enhancing the financial stability of associations by increasing
the association's powers to collect delinquent assessments, late charges, fines, and
enforcement costs;

(c) That it is the policy of this state to give developers flexible development
rights with specific obligations within a uniform structure of development of a
common interest community that extends through the transition to owner control;

(d) That it is the policy of this state to promote effective and efficient
property management through defined operational requirements that preserve
flexibility for such homeowner associations;

(e) That it is the policy of this state to promote the availability of funds for
financing the development of such homeowner associations by enabling lenders to
extend the financial services to a greater market on a safer, more predictable basis
because of standardized practices and prudent insurance and risk management
obligations.

Legislative History

Source: L. 91: Entire article added, p. 1701, � 1, effective July 1, 1992.