Our legislators were very active this session, proposing, passing, and denying several bills that directly affect rental property owners across the state of Colorado. Our goal is to keep you informed on what’s transpired in the real estate world. However, we’re not attorneys and are not providing legal advice regarding the information below. Please be sure to seek legal counsel for any questions or concerns regarding these or any laws. So without further ado, here are three new laws landlords need to know in Colorado that take effect in 2023.
Three New Laws Landlords Need to Know
CARES Act
The Colorado Supreme Court recently chose to extend parts of the CARES Act that came into effect during the Covid-19 Pandemic. At this time, if your rental property has a federally-backed mortgage (Fannie Mae, Freddie Mac, etc.) or if your residents receive government assistance to pay their rent, then you are required to submit a 30-day notice for unpaid rent instead of the usual 10-day demand. This law is currently in effect. It applies state-wide and has no foreseeable expiration date. Contact your lender to see if your rental property has a federally backed mortgage. You can also check Fannie Mae and Freddie Mac’s loan look-ups to see if yours is serviced through either provider.
HB23-1099 Portable Screening Report for Residential Leases
HB23-1099 requires landlords to accept a prospective tenant’s previously generated credit report during the application process as opposed to requiring to pull their own. The report must be created by an agency and generated within the last 30 days. It must also provide certain information regarding the prospective tenant. If the tenant provides their own report and it meets the above criteria, landlords may not charge that tenant an application fee. This bill passed and goes into effect on 08/07/2023.
HB23-1120 Eviction Protections for Residential Tenants
HB23-1120 requires landlords and residents to participate in mandatory mediation prior to proceeding with an eviction if the resident receives cash assistance including supplemental security income, federal social security disability insurance, or cash assistance through the Colorado Works program. If the resident does not disclose or declines to disclose this information, then mediation is not required. This bill passed and is currently in effect as of 06/07/2023.
These are only three of the many bills that were proposed, passed, or failed during the current legislative session. As the bills awaiting signatures progress through the system, we’ll keep you up to date on any changes that might affect you and your rental property. Rest assured that Real Property Management Colorado is doing all we can to adapt and update our procedures to remain in compliance with these new laws. We encourage you to seek legal advice if any questions or concerns arise regarding these or any other real estate laws.
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*The following content is for information purposes only. Real Property Management Colorado, LLC is not an attorney and does not provide legal advice. Please contact a real estate attorney for questions or concerns regarding these or any other laws pertaining to real estate and managing a rental property.
