DORA Increases Requirements on Colorado Management Companies
As Colorado’s Department of Regulatory Agencies (DORA) tightens oversight, associations are now required to provide far more detailed delinquency and collections data when registering or renewing with the HOA Information & Resource Center.
Previously, registrations required only basics such as:
- Legal name of the association as shown with the Colorado Secretary of State’s records
- The association’s address
- Colorado Secretary of State ID number, Date of Incorporation, and Type of Entity (i.e., corporation, LLC) for the association
- Type of community (such as condominium, planned development, or cooperative)
- Number of units located in the community
- Whether the association is self-managed or professionally managed
- Designated Agent name, address, telephone number, and email address
- Whether the annual revenue collected by the association is more or less than $5000.00.
But in light of HB25-1043, which went into effect on October 1st, you’ll also need to report on the following – all within the 12-month period preceding the registration or renewal:
- The number of unit owners six or more calendar months delinquent in the payment of assessments or special assessments
- The number of unit owners against which the association or its designee obtained a judgment
- The number of payment plans entered into between the association and a unit owner pursuant to section 38-33.3-316.3, C.R.S.
- The number of foreclosure actions filed against unit owners pursuant to section 38-33.3-316, C.R.S.
And starting with the 2025 reporting cycle, DORA requests even more detail:
- The number of board positions identified in your association’s governing documents
- The number of vacant board positions on the date of the registration
- The current average assessments in your community
- The frequency by which assessments are due in your community
- The percentage change in assessments
- The number of payment plans offered by the association
- The number of unit owners on payment plans who satisfied the terms and/or conditions of their payment plan
- The total amount of late fees and interest collected as a percentage of total revenue.
- The total amount of late fees and interest assessed and waived as a result of a payment plan
These requirements mark a new era of transparency and compliance. Without the right tools, managers risk missed filings, unenforceable liens, or fines. These fines can quickly consume your association’s budget, resulting in multiple headaches and missed opportunities to focus on what matters most – creating strong, financially sound communities.
The Operational Risks
Failing to prepare for DORA’s expanded reporting means:
- Legal Noncompliance: inaccurate data puts filings at risk.
- Increased Labor: manual reporting, communication, and tracking will consume time amongst your community managers, who are already stretched thin.
- Homeowner Distrust: stronger oversight means boards and owners expect fairness and accountability. If data is inaccurate or lost, they will begin to distrust the capabilities of your management company.
- Reputation & Revenue Loss: missed compliance and poor reporting erodes board confidence, damages your brand, and can cost your company new contracts or renewals.
In short, falling behind on DORA compliance doesn’t just create paperwork problems. It puts your management company’s reputation, relationships, and revenue at risk.
TechCollect Keeps You Compliant
The best solution for a management company facing the looming requirements of DORA is to use a solution that will automate with accuracy, greatly reducing the time and risk involved. TechCollect’s AI-driven workflows are built for pre-collections and compliance, automating owner outreach, tracking repayment plans, and recording outcomes. These are the exact data points required for DORA registration.
- Automated Reporting: Instantly access delinquency counts, payment plan status, and foreclosure actions.
- Pre-Collections First: Resolve up to 90% of assessments before legal escalation, keeping your reports lighter and your communities healthier.
- Audit-Ready Records: Every notice, plan, and response is tracked, so you never scramble for documentation during renewal.
“For states like Colorado, if regulations change, I know that the communications will automatically change in the system, and I don’t have to worry about it. In fact the team at TechCollect helped us with recent changes to Colorado collections law by working with our team to update our policies.” Tyler Hawes, CMCA, AMS, CEO of The Nabo Group
Key Benefits of TechCollect
- DORA-Ready Data: All required delinquency, foreclosure, and payment plan metrics at your fingertips.
- Compliance Without Complexity: Automated communications align with HB25-1043 notice requirements.
- Reduced Legal Costs: Most accounts resolved before escalation, protecting community finances.
- Improved Board Confidence: Deliver transparent, accurate data that satisfies regulators and builds trust.
Colorado Is Raising The Bar, And Other States Will Follow
Let’s face it; this is just the beginning. Compliance and reporting requirements will only get tougher for management companies not just in Colorado, but nationwide. Management companies across the United States should not ask if, but when, they will need a solution to automate strict reporting guidelines pertaining to assessment fees and late payment collections.
The best thing you can do for your management company is to stay proactive and protect your revenue. Reach out to TechCollect for a free trial and to manage your new requirements with ease, right away; you’ll be onboarded in a matter of 90 minutes.