Homeowners associations in Colorado will be prohibited from seeking foreclosures against homeowners based solely on fines, and they will have to adhere to a cap on those fines.
Gov. Jared Polis signed HB22-1137 into law on Friday to set these limits on homeowners associations to avoid future large-scale foreclosures over escalating fines and fees like those in Green Valley Ranch.
“No homeowner should find themselves in foreclosure just because of a minor fee or a fine that’s been assessed by their HOA,” said Sen. Julie Gonzales, a Denver Democrat and bill sponsor.
Gonzales said she encourages both homeowners and HOA boards to learn about the law, which she said is not difficult to comply with.
“In Montbello and in Aurora as well, we’ve seen these bad actors who have really deeply affected … many, many families through setting up these foreclosure processes,” Gonzales said.
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