Colorado adds further protections to tenants when leasing.
A landlord is prohibited from using a prospective tenant's rental or credit history that is older than seven years from the date of a tenant's application.
If a landlord uses a prospective tenant's financial history (rental and credit history included), the landlord cannot consider income (except to determine that a prospective tenant's annual income equals or exceeds 200% annual rent)
Landlords are prohibited from requiring income to exceed 200% of the annual rent.
If a tenant is applying for housing using a subsidy, a landlord cannot use the following information when considering a rental application:
Income (except to determine that a prospective tenant's annual income equals or exceeds 200% annual rent);
Credit score, lack of credit score, or an adverse credit event (except where a landlord is required to consider this by federal law);
These restrictions do not apply to landlords who receive government funding or funding from a nonprofit organization, that requires the landlord to determine if the prospective tenant is eligible for income restricted housing.
This bill also adds section 38-12-102.5, stating that a landlord shall not require a security deposit that is more than 2 months' rent.
Disclaimer — This content is for general information only. The information contained herein is not legal advice for any specific matter, nor does it create an attorney-client relationship. Laws vary from one state to another. For legal advice, consult an attorney.
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