Rental Services, Inc. 2019 February Newsletter
The 2019 legislative session has started and depending on which state you conduct business in, there is a lot going on. Many local governments have started to introduce bills that may negatively impact the multi-family housing industry.
Colorado has introduced two bills with a third one on the way.
Colorado House Bill 19-1118 addresses the time period to cure a lease violation.
The current law requires a landlord to give the tenant 3 days to cure a lease violation. The most common violation is failure to pay rent. When the tenant violates the lease agreement, you post them with a 3-day notice. If they don’t pay within the 3-day time frame the eviction process is started.
HB 19-1118 would change the 3-day rule to 14 days.
Depending on the lease agreement many landlords don’t post a 3-day notice until the 4th of the month. This puts them at a higher financial risk if this new law passes. The new time frame puts the landlord towards the end of the month before even sending the 3-day …
Colorado has introduced two bills with a third one on the way.
Colorado House Bill 19-1118 addresses the time period to cure a lease violation.
The current law requires a landlord to give the tenant 3 days to cure a lease violation. The most common violation is failure to pay rent. When the tenant violates the lease agreement, you post them with a 3-day notice. If they don’t pay within the 3-day time frame the eviction process is started.
HB 19-1118 would change the 3-day rule to 14 days.
Depending on the lease agreement many landlords don’t post a 3-day notice until the 4th of the month. This puts them at a higher financial risk if this new law passes. The new time frame puts the landlord towards the end of the month before even sending the 3-day …