(1) The general assembly hereby finds, determines, and declares, as follows:
That it is in the best interests of the state and its citizens to establish a clear, comprehensive, and uniform framework for the creation and operation of common interest communities;
That the continuation of the economic prosperity of Colorado is dependent upon thestrengthening of homeowner associations in common interest communities financially through the setting of budget guidelines, the creation of statutory assessment liens, the granting of six months' lien priority, the facilitation of borrowing, and more certain powers in the association to sue on behalf of the owners and through enhancing the financial stability of associations by increasing the association's powers to collect delinquent assessments, late charges, fines, and enforcement costs;
That it is the policy of this state to give developers flexible development rights withspecific obligations within a uniform structure of development of a common interest community that extends through the transition to owner control;
That it is the policy of this state to promote effective and efficient property management through defined operational requirements that preserve flexibility for such homeowner associations;
That it is the policy of this state to promote the availability of funds for financing thedevelopment of such homeowner associations by enabling lenders to extend the financial services to a greater market on a safer, more predictable basis because of standardized practices and prudent insurance and risk management obligations.
Source: L. 91: Entire article added, p. 1701, § 1, effective July 1, 1992.