New HOA laws require debt collection policy, licensed managers - The Denver Post
"That legislation was prompted, in part, by multiple " horror stories" from the past few years regarding homeowners associations, or HOAs. "We had a $750,000 embezzlement a few years ago ... what a black eye for the industry," said Cici Kesler, president of Association & Community Management, which manages homeowners associations in the metro area. The debt collection law requires all HOAs to set up a policy detailing basic information for homeowners. HOAs must also offer delinquent homeowners a six-month payment plan at least once before taking severe action. Under the licensing law, all community association managers, management company CEOs and executives will be required to attain a state license by July 1, 2015."
Colorado responds to horror stories with new legislation.