Community Association Institute’s Colorado Legislative Action Committee (“CLAC”) has been working on Senate Bill 122 (“SB 122”). If passed, SB 122 would destroy the ability of homeowner associations (“HOAs”) to assign junior lien rights to investors. This would have a detrimental impact on the finances of many HOAs in Colorado. SB 122 – A Gamble HOAs Can’t Afford Colorado to Take more fully explains the issue.
SB 122 is currently scheduled to be heard before the Senate Judiciary Committee at 1:30 pm on Monday. Please take a moment right now to call and email members of the Senate Judiciary Committee to ask them to vote NO on SB 122.
Tell the Senators:
●SB 122 unfairly singles out HOAs in Colorado.
●HOAs are experiencing financial difficulties through loss of assessment income – especially due to the continuing foreclosure crisis.
●One way associations have been able to recover months of assessment delinquencies is by assigning the association’s junior lien rights to investors. These investors pay the association the full amount of a homeowner’s delinquency for an assignment of a junior lien.
●SB 122 would destroy any incentive for investors to purchase junior lien rights from associations. As a result, associations will suffer economic losses which will have to be covered by other paying homeowners in the associations.
●SB 122 is a gamble HOAs can’t afford Colorado to take.
Please fee free to attach to your emails to Senators: SB 122 – A Gamble HOAs Can’t Afford Colorado to Take.
Names and Contact Information for the Senate Judiciary Committee:
CHAIR: Senator Morgan Carroll: 303-866-4879; morgan@senmorgancarroll.com
VICE-CHAIR: Senator Lucia Guzman: 303-866-4862;lucia.guzman.senate@state.co.us
Senator Angela Giron: 303-866-4878; angela.giron.senate@state.co.us
Senator Steve King: 303-866-3077; steve.king.senate@state.co.us
Senator Kevin Lundberg: 303-866-4853; kevin@kevinlundberg.com
Senator Linda Newell: 303-866-4846; Linda.newell.senate@gmail.com
Senator Jeanne Nicholson: 303-866-4873; jeanne.nicholson.senate@state.co.us
Senator Ellen Roberts: 303-866-4884; ellen.roberts.senate@state.co.us
Senator Mark Scheffel: 303-866-4869; mark.scheffel.senate@state.co.us