What is the primary objective of the Colorado Common Interest Ownership Act?

The primary objective of the Colorado Common Interest Ownership Act is to oversee the creation and management of common interest communities. This encompasses various forms of community living arrangements, such as condominiums, co-operatives, and homeowners' associations. The Act establishes a legal framework that dictates how these communities are organized and operated, ensuring transparency and fairness for all owners. It provides guidelines for governance, including the rights and responsibilities of both the property owners and the governing boards of these communities.

This legal structure is crucial for maintaining order and providing a mechanism for conflict resolution within these communities. By doing so, it fosters a sense of community and helps protect property values. The Act also sets forth requirements for due process, financial disclosures, and other governance issues that are fundamental to ensuring that common interest communities function smoothly and in accordance with the law.