Each year First Alliance Title follows pending legislation in Colorado for bills that may impact housing and the real estate industry. Please let us know if your brokerage or team would like to learn more about any of the pending legislation. Here are some of the bills that we are following this session:
BALLOT INITIATIVE #66 (PENDING COURT APPROVAL)
Would limit housing unit growth for 10 metro area counties beginning in 2019. Growth would be limited to 1% of previous year housing unit growth. Limitation would be in force for 2019 and 2020, after which residents of each county could vote (would need 5% voter approval) to change the new unit growth limitation. This initiative has huge potential impact on metro area housing inventory.
HOUSE BILL 18-1127 Tenant Applications
Requires landlords to limits application fees to costs actually incurred by the landlord, to cover such things as reference checks, background reports, etc.
Requires a landlord to provide each prospective tenant with written notice of the landlord’s tenant selection criteria and the grounds upon which a rental application may be denied before accepting an application or collecting an application fee; and
Requires a landlord to provide a prospective tenant with an adverse action notice if the landlord takes adverse action on a prospective tenant after reviewing the prospective tenant’s rental application.
SENATE BILL 18-120 Time Period For Tenant To Cure Unpaid Rent
Current law requires a landlord to provide a tenant 3 days to cure a violation for unpaid rent before the landlord can initiate eviction proceedings based on that unpaid rent.
The bill allows landlords to initiate an eviction proceeding after providing 3 days’ notice but requires landlords to accept payment of all outstanding amounts due before the date by which a tenant is required to appear in court in an eviction proceeding. For a second or subsequent violation of the same agreement within 6 months of a violation, a landlord may require payment within 3 days.
Find a bill that we missed in covering? Want to talk about the bill and ramifications for the industry? Please reach out to me, I love this stuff.