S.B. 98-38 Unclaimed property - compensation agreements for recovery. Allows the enforcement of agreements to pay compensation to recover or assist in the recovery of unclaimed property in certain circumstances. Makes agreements entered into more than 24 months, but less than 36 months, after the unclaimed property is paid or delivered to the state treasurer enforceable if the agreement is in writing and signed by the owner of the property, describes the property to be recovered, and describes the nature of the services to be provided and if the compensation to be paid under the agreement does not exceed 20% of the market value of the recovered property. Makes agreements entered into 36 months or more after the unclaimed property is paid or delivered to the state treasurer enforceable if the agreement is in writing and signed by the owner of the property, describes the property to be recovered, and describes the nature of the services to be provided and if the compensation to be paid under the agreement does not exceed 30% of the market value of the recovered property. Exempts agreements that are for the recovery of property with a total value less than $1,000 from the statutory restrictions on compensation agreements.
APPROVED by Governor March 23, 1998
EFFECTIVE August 5, 1998
NOTE: This act shall take effect at 12:01 a.m. on the day following the expiration of the ninety-day period after final
adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to article V, section
1 (3) of the state constitution; except that, if a referendum petition is filed against this act or an item, section, or part of
this act within such period, then the act, item, section, or part, if approved by the people, shall take effect on the date
of the official declaration of the vote thereon by proclamation of the governor.
S.B. 98-151 Voluntary mediation of controversies between unit owners' associations and unit owners under the "Colorado Common Interest Ownership Act". Allows any controversy between a unit owners' association and a unit owner arising out of the provisions of the "Colorado Common Interest Ownership Act" on or after July 1, 1998, to be submitted to mediation. Allows the mediation agreement, if reached, to be submitted to the court in the form of a stipulation. Allows either party to the mediation to end the mediation process at any time without prejudice. Provides that once one party violates the mediation stipulation, the other party may apply to the court for relief.
APPROVED by Governor April 21, 1998
EFFECTIVE July 1, 1998
H.B. 98-1086 Foreclosure redemption - evidence that proves property is not agricultural real estate. Changes the types of evidence that may be presented to a public trustee or sheriff to prove that a parcel of land is not "agricultural real estate" for foreclosure redemption purposes from:
to:
Specifies that a title insurance company issuing a policy may rely upon such forms of evidence.
APPROVED by Governor April 10, 1998
EFFECTIVE August 5, 1998
NOTE: This act shall take effect at 12:01 a.m. on the day following the expiration of the ninety-day period after final
adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to article V, section
1 (3) of the state constitution; except that, if a referendum petition is filed against this act or an item, section, or part of
this act within such period, then the act, item, section, or part, if approved by the people, shall take effect on the date
of the official declaration of the vote thereon by proclamation of the governor.
H.B. 98-1215 Mortgage brokers - civil penalties for disclosure violations. Increases the amount of additional damages that a court must award a party that proves actual damages have occurred as a result of a mortgage broker's disclosure violation from $500 to $1,000.
APPROVED by Governor April 21, 1998
EFFECTIVE April 21, 1998
H.B. 98-1283 Spurious liens - municipal lien exclusion. Clarifies that a lien authorized by a resolution or ordinance of a home rule municipality is not a "spurious lien" for purposes of the statute that authorizes county clerks and recorders to reject and invalidate spurious liens.
APPROVED by Governor April 2, 1998
EFFECTIVE April 2, 1998
H.B. 98-1323 Lien on tools, forms, molds. Creates a molders' lien that attaches to all of a customer's molds in the possession of a molder for the balance due from a customer for any manufacturing or fabrication work performed and materials furnished. Defines "mold" to mean a die, tool, mold, form, or pattern.
States that a molder may retain possession of a mold until all charges are paid, unless a claim is made to the mold by the holder of a prior lien or a lien of public record. Provides that a molders' lien shall not have priority over a lien of public record regardless when the financing statement or notice was filed or recorded.
Includes procedures for foreclosure actions on molders' liens. Requires that a lienholder's complaint include an itemized description of the charges for any work performed and materials furnished.
Includes abandoned property provisions applicable to molds. States that a customer has all rights and title to molds used to perform work for such customer, but if a customer does not claim a mold within 3 years, such mold is deemed to be abandoned and all rights to such mold transfer to the molder. Provides that a molder desiring to obtain all rights and title to a mold must notify the customer in writing and include a statement of the customer's rights. Transfers all rights and title to the molder if the customer does not respond within 120 days. States that molders do not have to bring a judicial action to foreclose on a molders' lien when a mold is deemed abandoned.
APPROVED by Governor April 20, 1998
EFFECTIVE September 30, 1998
NOTE: This act shall take effect September 30, 1998, unless a referendum petition is filed during the ninety-day
period after final adjournment of the general assembly that is allowed for submitting a referendum petition pursuant to
article V, section 1 (3) of the state constitution. If such a referendum petition is filed against this act or an item,
section, or part of this act within such period, then the act, item, section, or part, shall take effect on the specified date
only if approved by the people.
H.B. 98-1337 Common interest communities - "Common Interest Ownership Act" modifications. Expands the exemption from the "Colorado Common Interest Ownership Act" for new small cooperatives and small and limited expense planned communities to include communities created on or after July 1, 1998, of 20 or fewer, rather than 10 or fewer, units. Further expands said exemption to include communities created on or after July 1, 1998, whose declarations provide that the annual average common expense liability may not exceed $400, rather than $300. States that the $400 limit shall be increased annually on July 1 of each year to match increases in the consumer price index for the Denver-Boulder consolidated metropolitan statistical area.
Sets forth procedures for extending in certain circumstances the term of a limited term declaration of a common interest community. States that such term extension shall not exceed 20 years and shall be approved by at least 67% of the votes in the association unless the declaration specifies a larger percentage. Modifies the definition of "master association". Allows a declarant to amend a declaration, plat, or map to correct clerical, typographical, or technical errors or to comply with the requirements, standards, or guidelines of recognized secondary mortgage markets or certain federal agencies. With some exceptions, modifies the percentage of votes of unit owners of a common interest community required to amend a declaration, or convey or encumber common elements.
States that the declaration of a common interest community other than a cooperative need no longer contain both a plat and a map but must contain a plat or a map unless all information required by the act is otherwise contained within the declaration. Requires a declarant to amend a declaration to reflect any real estate changes resulting from the exercise of a development right. Allows a declarant to reserve development rights not previously reserved in real estate added to a common interest community if the amendment to the declaration adding the real estate meets certain requirements. Unless otherwise provided in a declaration, specifies that real estate in a common interest community used as a sales office, management office, or model and is not designated as a unit is a common element. Allows a unit owners' association of a common interest community to be organized as a limited liability company.
Allows a declaration to provide for class voting for choosing the executive board of a unit owners' association. Requires agendas for meetings of the executive board of a unit owners' association to be made reasonably available to all members of the association or their representatives. States that a quorum of the executive board is present if members entitled to cast 50% of the votes of the executive board are present at the beginning of the meeting or have granted their proxy. Requires a vote of 67% of the unit owners of a common interest community to not rebuild portions of the community required to be covered by insurance under the act.
APPROVED by Governor April 22, 1998
EFFECTIVE July 1, 1998
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