Protections for Real Property Owners

Current law declares void any express waivers of or limitations on the legal rights or remedies provided by the "Construction Defect Action Reform Act" or the "Colorado Consumer Protection Act". Sections 1 and 4 make it a violation of the "Colorado Consumer Protection Act" to obtain or attempt to obtain a waiver or limitation that violates the aforementioned current law. Section 4 also requires a court to award to a claimant that prevails in a claim arising from alleged defects in a residential property construction, in addition to actual damages, prejudgment interest on the claim at a rate of 6% from the date the work is finished to the date it is sold to an occupant and 8% thereafter.…