Attention tenants and landlords: Colorado recently passed new laws regarding lease agreements that you should know about.

Why are they important to note? Landlords need to review these updates to freshen up their leases, and renters should make sure they know their rights as tenants. If you have any questions about the new regulations, call your RMCC agent or your property manager to get more details.

Below are the new provisions:

• Landlords must notify potential purchasers or tenants of the dangers of radon, whether radon tests have been performed on the property and if so, their outcome. (Senate Bill 23-206)
• Leases must include a fee-shifting clause that awards any attorney fees and court costs to the prevailing party. They cannot require “unreasonable liquidated damages” that assign cost to any party stemming from an eviction notice or action for a lease violation. (House Bill 23-1095)
• Landlords can add no more than $300 to the security deposit for tenants with pets. (House Bill 23-1068)
• With some notable exceptions, prior to collecting tenant information that would generate an application fee, landlords are required to accept an approved “screening report” in the application process. (House Bill 23-1099)
• Landlords using a prospective tenant’s rental or credit history for screening purposes cannot require the applicant’s annual income to be more than 200% of the annual rental amount. Security deposits are limited to no more than two month’s rent. (Senate Bill 23-184)

For more details on the new legislation, CLICK HERE.