Re: Regulation of HOA Management Companies

It is heartening to see progress with HB 24-1078 currently under consideration in the state legislature and am hopeful this time Gov. Polis will sign it. Given the degree of Wild West corruption well documented throughout the current HOA "industry," I suggest that the following verbiage needs to be added, if not already in place (& it's a testament to just how off the rails the situation is, that this would need to be spelled out in the statutes: Owners & employees of Community Association management companies cannot simultaneously serve as board of directors for the same Associations they are taking money from to manage, even if they own an "allocated interest" (aka condo, house, vacant lot) in that association. And who would even do that anyway? (A wanna be developer who lacks the deep pockets of an actual developer, so is going to try and throw up shade to finagle this sort of scheme and funnel money away into their "management" company?). The importance of regulating the common ownership interest community industry cannot be overstated. It is out of control. Many of us feel it would be money well spent out of the "limited funds" paid in the form of dues and taxes. The alternative is the perpetuation of untenable housing insecurity for many citizens of Colorado. If the legislature and executive branches continue to fail to effectively act here, it's definitely time for a voter-led ballot initiative. One testimony here is about a management company called Westar (Cheesman Towers). These are for-profit entities. Are they licensed to do business in Colorado? They are out of El Paso Texas and appear to be involved not just in HOA and property management, real estate but also in the financial industry. RowCal is another large player that I believe has run afoul of the law in the state of Colorado. Just like health care, insurance, finances, real estate and occupations/professions are regulated, the common ownership management industry needs effective regulation.