Colorado's DORA Unveils New CAM Regulation Plan
Colorado's Department of Regulatory Agencies (DORA) has breaking news about new plans to regulate Community Association Management (CAM) in the state. The changes, outlined in HB24-1078, include education requirements for managers and employees, and a licensing process for businesses. DORA will oversee the new regulatory news for CAMs, with the Colorado Division of Real Estate managing the specifics. To obtain a license, businesses must meet several criteria. They must comply with insurance requirements, designate a controlling manager, pay a fee, and submit to criminal history record checks for the controlling manager. The bill also sets out reasons for disciplining licensed entities. From July 1, 2025, it will be illegal for businesses to perform CAM duties without a license. These changes aim to ensure professionalism and accountability in Colorado's community association management sector. Businesses must now prepare to meet the new licensing requirements and standards.
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