This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
SB561,7,64 (b) Beginning on the first day of the 13th month beginning after the effective
5date of this paragraph .... [LRB inserts date], a large association shall maintain an
6Internet site that satisfies all of the following criteria:
SB561,7,77 1. The site is any of the following:
SB561,7,88 a. Wholly owned and operated by the large association.
SB561,7,129 b. Operated by a 3rd-party provider with whom the large association owns,
10leases, rents, or otherwise obtains the right to operate a site dedicated to the large
11association's activities and on which the large association may post notices, records,
12and documents.
SB561,7,1513 2. The site is accessible through the Internet and includes a protected electronic
14location that is inaccessible to the general public and accessible only to unit owners
15and employees of the large association.
SB561,7,1916 (c) Beginning on the first day of the 13th month beginning after the effective
17date of this paragraph .... [LRB inserts date], a large association shall post on its
18Internet site described under par. (b) a current copy of all of the records that unit
19owners are entitled to inspect under sub. (1g) (a).
SB561,7,2220 (d) Upon a unit owner's written request, a large association shall provide the
21unit owner with a username and password and access to the protected locations of
22the large association's Internet site described under par. (b).
SB561,13 23Section 13. 703.20 (2) of the statutes is renumbered 703.33 (2m) and amended
24to read:
SB561,8,5
1703.33 (2m) Disclosure Association's obligation to provide disclosure
2information.
Within 10 days after a written request by a seller other than the
3declarant, an association shall furnish the information necessary for the seller to
4comply with s. 703.33 this section. The association may charge to the seller, and the
5seller shall pay to the association, all of the following amounts:
SB561,8,76 (a) Except as provided in s. 703.205, the actual costs of furnishing the
7information under s. 703.33 subs. (1), (1m), and (2) or $50, whichever is less.
SB561,8,98 (b) The actual costs of furnishing the information under s. 703.33 sub. (3m) or
9$15, whichever is less.
SB561,14 10Section 14. 703.20 (3) of the statutes is amended to read:
SB561,8,2211 703.20 (3) Declarant responsibilities for records; financial audits. During
12the period of declarant control under s. 703.15 (2) (c), the declarant is responsible for
13creating and maintaining the financial and operational records of the association
14described under sub. (1) and shall turn the records over to the directors elected under
15s. 703.15 (2) (f). During the period of declarant control under s. 703.15 (2) (c) and for
16one year thereafter, upon written request to the association by the lesser of 3 unit
17owners or the owners of 10 percent of the units, not including units owned by the
18declarant, the association shall arrange for an independent audit of its the
19association's
financial records at the association's expense. The cost of any If unit
20owners request an
audit requested within 36 months after the completion of a
21previous audit shall be paid for by, the requesting unit owners shall pay the cost of
22the audit
.
SB561,15 23Section 15 . 703.20 (4) of the statutes is created to read:
SB561,9,524 703.20 (4) Financial audits after expiration of declarant control.
25Beginning one year after the expiration of any period of declarant control under s.

1703.15 (2) (c), upon written request to the association by a majority of unit owners,
2the association shall arrange for an independent audit of the association's financial
3records at the association's expense. If unit owners request an audit within 36
4months after the completion of a previous audit under this subsection or sub. (3), the
5requesting unit owners shall pay the cost of the audit.
SB561,16 6Section 16. 703.20 (5) of the statutes is created to read:
SB561,9,87 703.20 (5) Applicability. Sections 181.1601 to 181.1603 do not apply to an
8association that is a corporation, as defined in s. 181.0103 (5).
SB561,17 9Section 17 . 703.202 of the statutes is created to read:
SB561,9,11 10703.202 Access to records of association-controlled entity. (1) In this
11section:
SB561,9,1212 (a) “Control” means to directly or indirectly do any of the following:
SB561,9,1313 1. Own more than 50 percent of the ownership interest of an entity.
SB561,9,1414 2. Have a controlling interest in an entity.
SB561,9,1615 3. Have the power to direct or cause the direction of the management or policies
16of an entity.
SB561,9,1717 (b) “Entity” means a person other than an individual.
SB561,9,20 18(2) If an association controls an entity, a unit owner may inspect and copy
19records of the entity to the same extent that the association may inspect and copy the
20records.
SB561,18 21Section 18. 703.205 (1) (a) of the statutes is amended to read:
SB561,9,2422 703.205 (1) (a) A fee for furnishing the disclosure information under s. 703.33
23(1), (1m), and (2) that is greater than the amount allowed under s. 703.20 (2) (a)
24703.33 (2m) (a).
SB561,19 25Section 19. 703.33 (title) of the statutes is amended to read:
SB561,10,1
1703.33 (title) Disclosure requirements in connection with sale of unit.
SB561,10,22 (End)
Loading...
Loading...