On May 5, 2011, Rep. Cindy Acree, R-Aurora, and Sen. Greg Brophy, R-Wray, introduced HB 11-1324 – Concerning the applicability of provisions governing the financial obligations of a residential nonprofit corporation upon alteration of the membership status of a member. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.
Recent legislation requires a residential nonprofit corporation to refund the entrance fee of a residential member to the member or his or her heirs within 90 days after the member’s resignation, termination, expulsion, or suspension from the corporation or the transfer of the residential membership. The bill applies this provision only to contracts entered into on or after the effective date of that legislation, which was March 11, 2011, but reinstates the applicability of the provision to all contracts, including those entered into before that date, as of April 1, 2012. The bill was introduced on Thursday, May 5 and sent to the Economic and Business Development Committee; that committee approved the bill on Friday, May 6 and referred it to the full House for consideration on 2nd Reading.
Since this summary, the bill passed its Third Reading in the House, was introduced in the Senate, where it has since also passed its Third Reading.
Summaries of other featured bills can be found here.