SB561: Bill Text

SB561,7,6 (b) Beginning on the first day of the 13th month beginning after the effective date of this paragraph .... [LRB inserts date], a large association shall maintain an Internet site that satisfies all of the following criteria:

SB561,7,7 1. The site is any of the following:

SB561,7,8 a. Wholly owned and operated by the large association.

SB561,7,12 b. Operated by a 3rd-party provider with whom the large association owns, leases, rents, or otherwise obtains the right to operate a site dedicated to the large association's activities and on which the large association may post notices, records, and documents.

SB561,7,15 2. The site is accessible through the Internet and includes a protected electronic location that is inaccessible to the general public and accessible only to unit owners and employees of the large association.

SB561,7,19 (c) Beginning on the first day of the 13th month beginning after the effective date of this paragraph .... [LRB inserts date], a large association shall post on its Internet site described under par. (b) a current copy of all of the records that unit owners are entitled to inspect under sub. (1g) (a).

SB561,7,22 (d) Upon a unit owner's written request, a large association shall provide the unit owner with a username and password and access to the protected locations of the large association's Internet site described under par. (b).

SB561,13 Section 13. 703.20 (2) of the statutes is renumbered 703.33 (2m) and amended to read:

SB561,8,5 703.33 (2m) Disclosure Association's obligation to provide disclosure information. Within 10 days after a written request by a seller other than the declarant, an association shall furnish the information necessary for the seller to comply with s. 703.33 this section. The association may charge to the seller, and the seller shall pay to the association, all of the following amounts:

SB561,8,7 (a) Except as provided in s. 703.205, the actual costs of furnishing the information under s. 703.33 subs. (1), (1m), and (2) or $50, whichever is less.

SB561,8,9 (b) The actual costs of furnishing the information under s. 703.33 sub. (3m) or $15, whichever is less.

SB561,14 Section 14. 703.20 (3) of the statutes is amended to read:

SB561,8,22 703.20 (3) Declarant responsibilities for records; financial audits. During the period of declarant control under s. 703.15 (2) (c), the declarant is responsible for creating and maintaining the financial and operational records of the association described under sub. (1) and shall turn the records over to the directors elected under s. 703.15 (2) (f). During the period of declarant control under s. 703.15 (2) (c) and for one year thereafter, upon written request to the association by the lesser of 3 unit owners or the owners of 10 percent of the units, not including units owned by the declarant, the association shall arrange for an independent audit of its the association's financial records at the association's expense. The cost of any If unit owners request an audit requested within 36 months after the completion of a previous audit shall be paid for by, the requesting unit owners shall pay the cost of the audit.

SB561,15 Section 15 . 703.20 (4) of the statutes is created to read:

SB561,9,5 703.20 (4) Financial audits after expiration of declarant control. Beginning one year after the expiration of any period of declarant control under s. 703.15 (2) (c), upon written request to the association by a majority of unit owners, the association shall arrange for an independent audit of the association's financial records at the association's expense. If unit owners request an audit within 36 months after the completion of a previous audit under this subsection or sub. (3), the requesting unit owners shall pay the cost of the audit.

SB561,16 Section 16. 703.20 (5) of the statutes is created to read:

SB561,9,8 703.20 (5) Applicability. Sections 181.1601 to 181.1603 do not apply to an association that is a corporation, as defined in s. 181.0103 (5).

SB561,17 Section 17 . 703.202 of the statutes is created to read:

SB561,9,11 703.202 Access to records of association-controlled entity. (1) In this section:

SB561,9,12 (a) “Control” means to directly or indirectly do any of the following:

SB561,9,13 1. Own more than 50 percent of the ownership interest of an entity.

SB561,9,14 2. Have a controlling interest in an entity.

SB561,9,16 3. Have the power to direct or cause the direction of the management or policies of an entity.

SB561,9,17 (b) “Entity” means a person other than an individual.

SB561,9,20 (2) If an association controls an entity, a unit owner may inspect and copy records of the entity to the same extent that the association may inspect and copy the records.

SB561,18 Section 18. 703.205 (1) (a) of the statutes is amended to read:

SB561,9,24 703.205 (1) (a) A fee for furnishing the disclosure information under s. 703.33 (1), (1m), and (2) that is greater than the amount allowed under s. 703.20 (2) (a) 703.33 (2m) (a).

SB561,19 Section 19. 703.33 (title) of the statutes is amended to read:

SB561,10,1 703.33 (title) Disclosure requirements in connection with sale of unit.

SB561,10,2 (End)