Updated – Status of Community Association Manager Regs in Doubt?
- April 11, 2018
- Miles Buckingham
- Comments Off on Updated – Status of Community Association Manager Regs in Doubt?
April 11, 2018
Yesterday, the Colorado Senate’s Finance Committee postponed indefinitely consideration of House Bill 18-1175. As one Senate staffer told me: The Bill is dead.
HB18-1175 seeks to continue the State’s licensing statutes and regulations for Community Association Managers (CAMs). Without an extension of the CAM Licensing Act, the laws, which were first effective in 2015, “sunset” and are repealed by operation of 12-61-1014, C.R.S. (2016).
While the Senate could conceivably take up the matter again in the future, such action on a relatively unknown regulation may be considered unlikely.
At this time it is unclear what the expiration of CAM licensing statutes means for Colorado homeowner association managers and management companies. Regulatory requirements relating to continuing education credits, Errors & Omissions insurance, Crime Fidelity Insurance, disclosures of remuneration from non-client sources all could be repealed effective July 1, 2018.* Another big unknown is what happens to CAMs with current, pending investigations or regulatory actions against them by the State.
We will continue to update our posts as information becomes available.
*Update – While the plain language of 12-61-1014, C.R.S. (2016) provides for a repeal effective July 1, 2018, 24-34-104, C.R.S. (2018) references a September 1, 2018 repeal date *AND* speaks to a 12 month “wind down” of all sunsetted acts following repeal. So, conceivably, regulations are both repealed and ineffective, but effective and in force, until 2019. We are working to determine the position the State will be taking in light of the failure of the legislature to renew the CAM Act.