Colorado HB1316 voids covenants requiring residential property owners to join private membership clubs and mandates financial disclosures.

HB1316 prohibits covenants requiring residential property owners to join private membership clubs, making such covenants void and unenforceable. It mandates private membership clubs to provide property owners with detailed financial and operational information, including dues amounts, operating budgets, financial statements, and insurance policies. Failure to comply renders the covenant unenforceable, and prevailing property owners can seek damages, punitive damages, and attorney fees.

Colorado HB1316 voids covenants requiring residential property owners to join private membership clubs and mandates financial disclosures.

HB1316 prohibits covenants requiring residential property owners to join private membership clubs, making such covenants void and unenforceable. It mandates private membership clubs to provide property owners with detailed financial and operational information, including dues amounts, operating budgets, financial statements, and insurance policies. Failure to comply renders the covenant unenforceable, and prevailing property owners can seek damages, punitive damages, and attorney fees.