2020 Colorado Revised Statutes
Title 12 - Professions And Occupations
Article 10. Real Estate
Section 12-10-506. Powers of commission - injunction - rules.
(1) The commission may apply to a court of competent jurisdiction for an order enjoining any act or practice that constitutes a violation of this part 5, and, upon a showing that a person is engaging or intends to engage in any such act or practice, an injunction, restraining order, or other appropriate order shall be granted by the court, regardless of the existence of another remedy therefor. Any notice, hearing, or duration of any injunction or restraining order shall be made in accordance with the provisions of the Colorado rules of civil procedure.
The commission may apply to a court of competent jurisdiction for the appointmentof a receiver if it determines that the appointment is necessary to protect the property or interests of purchasers of a subdivision or part thereof.
The commission shall issue or deny a certificate or additional registration withinsixty days from the date of receipt of the application by the commission. The commission may make necessary investigations and inspections to determine whether any developer has violated this part 5 or any lawful rule promulgated by the commission. If, after an application by a developer has been submitted pursuant to section 12-10-503 or information has been submitted pursuant to section 12-10-504, the commission determines that an inspection of a subdivision is necessary, it shall complete the inspection within sixty days from the date of filing of the application or information, or the right of inspection is waived and the lack thereof shall not be grounds for denial of a registration.
The commission, the director, or the administrative law judge appointed for a hearingmay issue a subpoena compelling the attendance and testimony of witnesses and the production of books, papers, or records pursuant to an investigation or hearing of the commission. Any such subpoena shall be served in the same manner as for subpoenas issued by district courts.
The commission has the power to make any rules necessary for the enforcement oradministration of this part 5.
The commission shall adopt, promulgate, amend, or repeal such rules as are necessary to:
Require written disclosures to any purchasers as provided in subsection (7) of thissection and to prescribe and require that standardized forms be used by subdivision developers in connection with the sale or lease of a subdivision or any part thereof, except as otherwise provided in section 12-10-503 (3)(f); and
Require that developers maintain certain business records for a period of at leastseven years.
The commission may require any developer to make written disclosures to purchasers in their contracts of sale or by separate written documents if the commission finds that the disclosures are necessary for the protection of the purchasers.
The commission or its designated representative may audit the accounts of any homeowners' association, the funds of which are controlled by a developer.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 661, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-406 as it existed prior to 2019.
Cross references: For the Colorado rules of civil procedure concerning subpoenas and injunctions, see C.R.C.P. 45 and 65.
