Don't miss the 2014 REALTOR® Day at the Capitol on Wednesday, February 26th at the McNichols Building and the State Capitol. Based on feedback received from local leadership, we have revamped this event and are very excited for you to attend. We are offering Capitol tours and meetings with Legislators as part of the selections to help craft an educational and entertaining day. This is a great opportunity for you to learn about and discuss important policy issues affecting the real estate industry this upcoming year, as well as hear from legislative leaders and network with your legislators. Registration $65.
HB 1165 Private Construction Contracts Retainage and Payments
The LPC took the position of OPPOSE on HB14-1165, Concerning a limit on the retainage allowed under a private construction contract. The bill requires 95 percent of all costs under a construction contract to be paid at the time they are invoiced and due according to the contractual payment schedule. Any party that withholds funds (retainage) in excess of five percent of the amount due is liable in a civil action for release of the excess withheld plus interest and legal expenses. The bill does not apply to projects with a total contract value less than $150,000, contracts concerning residential buildings with four or fewer dwelling units, and construction contracts with a public entity.
CAR does not believe the government should intervene in private, voluntary construction contracts. In many cases, five percent is not enough of an incentive for project completion and warranty work completion, and therefore the owner gets left having paid 95% of the cost without a completed project. Furthermore, the banks have conveyed to stakeholders that regardless of whether HB-1165 passes, they will still be requiring 10%, and possibly more, retainage depending on the perceived risk of a project, and also due to both Federal and State regulations requiring banks to manage their risk. Therefore, developers will most likely have to float the increased cost of the five percent or greater difference, which could reduce their ability to develop new projects.
HB 1125 HOA Publish Member Info with Permission
The LPC took the position of SUPPORT on HB14-1125, Concerning the circumstances under which a unit owners association may disclose contact information for members and residents under the Colorado Common Interest Ownership Act. Current law prohibits a Home Owners Association (HOA) from sharing the personal contact information of members or residents in a common interest community. This bill permits an HOA to publish members' and residents' contact information, provided the person gives the HOA prior written consent.
This bill is an opt-in approach to increasing communication among HOA members. HB-1125 has been designed for, and should be beneficial to, resort area property owners. It enables homeowners who may not use a property as their primary residence and live out of the area to remain apprised and involved with their HOA via email communications.
Transit Alliance Spring 2014 Citizens Academy
The Transit Alliance is hosting their annual spring 2014 Citizens Academy from March 5, 2014-April 16, 2014. This is a great opportunity to discuss transportation, community development, and sustainability in Colorado. The class is limited to 50 participants, so please get your applications in to take part! More information, as well as the application, can be found here, and the deadline for applying is Friday, February 21st at 5PM.
Download the REALTOR® Action Center Mobile App
The REALTOR® Action Center mobile app is now available for download for the iPhone and DROID. Simply search for NAR Action Center in your respective app markets. This app is designed to help members Vote, Act and Invest on the go. It will help you increase your state and local Federal Call for Action participation rates, allow members a quick and efficient way to invest in RPAC, and provide you a way to track your REALTOR® Party activities and so much more.