2021 WISCONSIN ACT 166
An Act to renumber and amend 703.15 (2) (a), 703.20 (1) and 703.20 (2); to amend 703.02 (1m), 703.15 (2) (a) (title), 703.20 (1) (title), 703.20 (3), 703.205 (1) (a) and 703.33 (title); to repeal and recreate 703.20 (title); and to create 703.15 (2) (a) 2., 703.15 (2) (a) 3., 703.20 (1) (a), 703.20 (1) (b) 2. to 9., 703.20 (1) (c), 703.20 (1g), 703.20 (1r), 703.20 (4), 703.20 (5) and 703.202 of the statutes; relating to: a condominium association's obligation to maintain records and allow a unit owner to inspect and copy those records; financial audits of condominium association records; access by condominium unit owners to records of an entity controlled by an association; and organizing a condominium association as a for-profit corporation.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
166,1
Section
1. 703.02 (1m) of the statutes is amended to read:
703.02 (1m) “Association" means all of a condominium's unit owners acting as a group, either through a nonstock, nonprofit corporation or an unincorporated association an entity that is organized as provided under s. 703.15 (2) (a), in accordance with its
the condominium's bylaws and declaration.
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2. 703.15 (2) (a) (title) of the statutes is amended to read:
703.15 (2) (a) (title) Establishment
; organization.
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3. 703.15 (2) (a) of the statutes is renumbered 703.15 (2) (a) 1. and amended to read:
703.15 (2) (a) 1. Every declarant shall establish an association to govern the condominium not later than the date of the first conveyance of a unit to a purchaser. The association shall be organized Except as provided in subd. 2., the declarant may organize the association only as a profit or for-profit corporation; nonstock, nonprofit corporation; or as an unincorporated association. After it the association is organized, the membership of the association shall at all times consist exclusively of all of the unit owners.
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4. 703.15 (2) (a) 2. of the statutes is created to read:
703.15 (2) (a) 2. Beginning on the effective date of this subdivision .... [LRB inserts date], a declarant may not organize an association as a for-profit corporation.
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5. 703.15 (2) (a) 3. of the statutes is created to read:
703.15 (2) (a) 3. An association that exists on the effective date of this subdivision .... [LRB inserts date], may not reorganize as a for-profit corporation.
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6. 703.20 (title) of the statutes is repealed and recreated to read:
703.20 (title) Association records; inspection by unit owners; financial audits.
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7. 703.20 (1) (title) of the statutes is amended to read: