Colorado Revised Statute 38-33.3-209.5

38-33.3-209.5.Responsible governance policies.
Statute text
(1) To promote responsible governance, associations shall:

      (a) Maintain accurate and complete accounting records; and

      (b) Adopt policies, procedures, and rules and regulations concerning:

                  (I) Collection of unpaid assessments;

                  (II) Handling of conflicts of interest involving board members;

                  (III) Conduct of meetings, which may refer to applicable provisions of the nonprofit code or other recognized rules and principles;

                  (IV) Enforcement of covenants and rules, including notice and hearing procedures and the schedule of fines;

                  (V) Inspection and copying of association records by unit owners;

                  (VI) Investment of reserve funds;

                  (VII) Procedures for the adoption and amendment of policies, procedures, and rules; and
                  (VIII) Procedures for addressing disputes arising between the association and unit owners.
Source: L. 2005: Entire section added, p. 1377, § 7, effective January 1, 2006. L. 2006: (1)(a), (1)(b)(VI), and (1)(b)(VII) amended and (1)(b)(VIII) added, p. 1219, § 7, effective May 26.