DENVER (KDVR) — Renting for pet owners in Colorado might become cheaper starting next year after a bill capping pet deposits and fees was signed into law.

Gov. Jared Polis signed House Bill 23-1068 into law Wednesday afternoon. The bill was passed by both chambers in April.

The new law will go into effect on Jan. 1, 2024.

What does the new law do?

The bill, as passed and signed into law, limits pet security deposits to $300. These deposits must be refundable, as well.

It also limits any pet fee to $35 or 1.5% of the rent, whichever is higher. This fee is not refundable and is added to the monthly rent.

Additionally, insurance companies will no longer be allowed to refuse to issue or renew a homeowner’s insurance policy or raise premiums because of the breed of dog someone has.

If a dog is known to be dangerous or has been declared dangerous, however, companies can still do those things.

What does it not do?

The bill that was originally introduced had a few features that did not make it into the final product.

The bill originally banned all pet deposits and pet fees. Because the signed bill only caps them and doesn’t ban them altogether, the proposed “damage mitigation program” to cover pet damage costs for landlords was not in the final bill.

The final bill also didn’t include a section in the first version barring affordable housing developments from not letting tenants have pets.

Because they were left out of the signed bill, these features will not become law.