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Division of Real Estate Bimonthly Notification
July, 2024
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Colorado Real Estate Commission Update - New Forms Approved For Use in 2024
 On June 28, 2024, an important non-rulemaking hearing of the Colorado Real Estate Commission (“CREC”) took place. During the hearing, the Commissioners discussed important changes to the Commission approved Contracts and Forms and voted to approve them. Due to a variety of reasons, these forms will be available and for mandatory use earlier than in previous years.
This year, the effective date of the new Contracts and Forms will be August 1, 2024. The Division is working to promptly make redlined versions of these forms available for educational purposes and will release these forms for use on August 1, 2024 in a clean format.
Visit the Real Estate Contract and Forms website in the coming weeks to review the changes and to better understand how your practice may be affected.
Coming Soon! 2024 Legislative Summaries for Division Licensees
The 2024 Legislative Session was a very busy one. Although some bills were lost, many did become law. All licensees, but also consumers, should be aware of those laws that affect the real estate practice.
Stay tuned to the Division of Real Estate’s website for summaries of the most important laws that affect the real estate industry. Check back soon to learn more.
To track any bills, you can visit the Colorado General Assembly’s website and use the “Find A Bill” tool to research any bills, past or present.
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Announcements & Upcoming Meetings:
Board of Real Estate Appraisers (BOREA) Meeting:
Board of Mortgage Loan Originators (MLO) Meeting:
HOA Info & Resource Center Forum: Wildfire Mitigation and HOA Communities
Colorado Real Estate Commission (CREC) Meeting:
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Recent Board and Commission Appointments
The Division of Real Estate is responsible for three essential boards and commissions which oversee real estate licensees and regulate the industry: (1) the Colorado Real Estate Commission (“CREC”), (2) the Board of Real Estate Appraisers (“BOREA”), and (3) the Board of Mortgage Loan Originators (“MLO”). Several positions on these boards and commission have recently been filled.
These positions are appointed by the Governor, and, in addition, individuals appointed to BOREA and MLO are also confirmed by the Senate. Appointments to the boards and commission reflect the geographic and demographic diversity of Colorado, including having members from both rural and urban parts of the state, and having members of diverse political, racial, disability, and cultural groups and of diverse sexual orientations and genders. To see a full list of the members for each, please visit the Division Boards, Commissions & Programs page.
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HOA Advisory:
Corporate Transparency Act Applicability To Common Interest Communities
In recent months, there has been some confusion about the effects of the Corporate Transparency Act (“CTA”) on Colorado Common Interest Communities (HOAs, POAs, Condominiums, Cooperatives, etc.). The CTA was enacted in 2021 to limit illicit financial activity, but, since passage, there has been some debate about if Common Interest Communities are subject to the law.
Confusion arose a few months ago when a District Court in the Northern District of Alabama ruled that the CTA is unconstitutional because Congress exceeded its power by enacting it. Likely, this ruling will be appealed however, subsequent to the Alabama ruling, on June 10, 2024, the Financial Crimes Enforcement Network (“FinCEN”) updated its CTA Frequently Asked Questions to further confirm that in most cases, a homeowners’ association is a reporting company.
It is important to point out that the CTA is a federal law, not a state law. Therefore, the applicability of the CTA is nationwide. Essentially, the CTA requires nonprofit corporations to disclose certain information about “beneficial owners” on or before December 31, 2024. Common Interest Communities are often organized as nonprofit corporations under Colorado and federal law. The law explains that a “beneficial owner” includes directors, officers, and any owners who own more than 25% of the units in the association, or an individual who exercises “substantial control” over a reporting entity. Now, that deadline is quickly approaching at the end of this calendar year.
FinCEN created a registration portal in which associations can file the Beneficial Ownership Information Report, or “BOIR”. Board members can follow a detailed instruction guide for beneficial owners:
Unfortunately, the HOA Center is not able to advise boards on how to complete the process. If board members have specific questions about the filing process, they should consider reaching out to FinCEN or speaking with a qualified Colorado attorney.
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HOA Forum:
Wildfire Mitigation and HOA Communities
Wildfires are becoming larger, more intense, and more destructive in Colorado. Wildfire mitigation is the act of hardening a home and creating defensible spaces to reduce the chance of home loss.
The HOA Information & Resource Center is pleased to announce Abby Silver, Wildfire Coordinator with Wildfire Partners/Boulder County Community Planning and Permitting, as guest speaker for this month’s HOA Forum. Please join us in learning more about ways in which HOAs can support and enhance wildfire mitigation, as well as what new changes to the Colorado Common Interest Ownership Act (“CCIOA”) were recently enacted regarding this subject.
Join the HOA Information & Resource Center on Friday, July 26, 2024 at 1:00 pm (MT), join the HOA Information Officer for a live webinar discussion. All are welcome to attend
Presentation Details:
- Date: Friday, July 26, 2024
- Time: 1:00 p.m. - 2:00 p.m. (MT)
- Location: Online Webinar Only
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You may register for this event here:
On behalf of the HOA Information & Resource Center, we look forward to you joining us.
-HOA Information & Resource Center-
Note: If you are unable to attend, the HOA Information & Resource Center posts a recording of the webinar within a few days following the presentation at the following link: https://dre.colorado.gov/recent-hoa-forums
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Life is Busy - We Get It!
Did you miss any of our meetings or forums last month? No need to worry! You can click the links below to catch up and stay current with what is going on at the Division of Real Estate.
- May 31, 2024: HOA Information & Resource Center Forum: Registration Requirements for Common Interest Communities Meeting:
Webinar - Video
- June 4, 2024: Colorado Real Estate Commission (CREC) Meeting:
Webinar - Video
- June 25, 2024: Colorado Real Estate Commission (CREC) Regular Meeting & Rulemaking Hearing:
Webinar - Video
- June 28, 2024: HOA Information & Resource Center Forum: 2024 Legislative Updates
Webinar - Video Coming Soon
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For Division Interested Parties and Licensed Professionals
The Division of Real Estate's bimonthly email is designed to provide Division news, information on upcoming public meetings, rulemaking hearings, and registration links for educational webinars. Additionally, licensed professionals can find updates on licensing deadlines, opportunities for stakeholder engagement, and important practice guidance matters.
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Colorado Division of Real Estate
1560 Broadway, Ste. 925 | Denver, Co 80202
Phone: (303) 894-2166 /(800) 886-7675 | Fax: (303) 894-2683
Email: dora_realestate_website@state.co.us |
Subscriber Services:
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