HB 23-1131

House Bill 23-1131 requires that a majority of all homeowners in a community with shared spaces (like condominiums or townhomes) must be present at a meeting for the board to vote on a budget. If this majority is reached, then those present can also vote to reject the proposed budget if they disagree with it. This bill has been signed into law and will affect how homeowner associations in Colorado manage their budgets going forward.

Official Summary

The bill requires a majority of all unit owners in a common interest community to be present at a meeting of the executive board of the unit owners' association (executive board) in order for the executive board to vote on a proposed budget. If a majority of all unit owners are present at the meeting and the executive board approves the proposed budget, a majority of unit owners present at the meeting may vote to veto the proposed budget. (Note: This summary applies to this bill as introduced.)