2023 Colorado Revised Statutes › Title 38 - PROPERTY - REAL AND PERSONAL (§§ 38-1-101 — 38-53-110) › REAL PROPERTY (§§ 38-30-101 — 38-46-104) › INTERESTS IN LAND (§§ 38-30-101 — 38-34-106) › Article 33.3 - COLORADO COMMON INTEREST OWNERSHIP ACT (§§ 38-33.3-101 — 38-33.3-402) › Part 1 - GENERAL PROVISIONS (§§ 38-33.3-101 — 38-33.3-124) › Section 38-33.3-116 - [Effective 8/7/2024] Exception for new small cooperatives and small and limited-expense planned communities

(1)
(a)
Except as described in subsection (4) of this section, if a cooperative or planned community was created in this state on or after July 1, 1992, and either contains only units restricted to nonresidential use or contains no more than twenty units and is not subject to any development rights, it is subject only to sections
38-33.3-105
to
38-33.3-107
, unless the declaration provides that this entire article 33.3 is applicable.
(b)
Except as described in subsection (4) of this section, if a planned community provides in its declaration that the annual average common expense liability of each unit restricted to residential purposes, exclusive of optional user fees and any insurance premiums paid by the association, must not exceed four hundred dollars, as adjusted pursuant to subsection (3) of this section, it is subject only to sections
38-33.3-105
to
38-33.3-107
, unless the declaration provides that this entire article 33.3 is applicable.
(2)
[Deleted by 2024 amendment.]
(3)
(a)
The amount of the dollar limitation set forth in subsection (1)(b) of this section must be increased annually on July 1, 1999, and on July 1 of each succeeding year in accordance with any increase in the United States department of labor bureau of labor statistics final consumer price index for the Denver-Boulder consolidated metropolitan statistical area for the preceding calendar year. The amount of the limitation must not be increased if the final consumer price index for the preceding calendar year did not increase and must not be decreased if the final consumer price index for the preceding calendar year decreased.
(b)
The amount of the dollar limitation set forth in subsection (1)(b) of this section, as adjusted as described in subsection (3)(a) of this section, applies to each planned community described in subsection (1)(b) of this section, regardless of when the planned community was created.
(4)
A cooperative or planned community that is subject only to sections 38-33.3-105 to 38-33.3-107 of this article 33.3 pursuant to subsection (1)(a) or (1)(b) of this section may elect to be subject to this entire article 33.3. A cooperative or planned community that so elects shall adopt an amendment to its declaration in accordance with section 38-33.3-217 evidencing the cooperative or planned community's election to be subject to this entire article 33.3.
Amended by 2024 Ch. 53,§ 1, eff. 8/7/2024.
Amended by 2016 Ch. 104, § 2, eff. 7/1/2018.
L. 91: Entire article added, p. 1710, § 1, effective 7/1/1992. L. 93: Entire section amended, p. 644, § 5, effective April 30. L. 98: Entire section amended, p. 477, § 2, effective July 1. L. 2009: (1) and (2) amended, (SB 09 -249), ch. 248, p. 1119, § 1, effective May 14. L. 2016: (1) and (3) amended, (HB 16-1149), ch. 104, p. 300, § 2, effective 7/1/2018.
Section 4(2) of chapter 104 (HB 16-1149), Session Laws of Colorado 2016, provides that changes to this section by the act apply to budgets adopted by a common interest community's executive board on or after July 1, 2018.
2024 Ch. 53, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
This section is set out more than once due to postponed, multiple, or conflicting amendments.