September 15, 2021 - Introduced by Senators Cowles, Darling and Ringhand,
cosponsored by Representatives Kitchens, Knodl and Callahan. Referred to
Committee on Housing, Commerce and Trade.

SB561,1,10 1An Act to renumber and amend 703.15 (2) (a), 703.20 (1) and 703.20 (2); to
2amend 703.02 (1m), 703.15 (2) (a) (title), 703.20 (1) (title), 703.20 (3), 703.205
3(1) (a) and 703.33 (title); to repeal and recreate 703.20 (title); and to create
4703.15 (2) (a) 2., 703.15 (2) (a) 3., 703.20 (1) (a), 703.20 (1) (b) 2. to 9., 703.20 (1g),
5703.20 (1r), 703.20 (4), 703.20 (5) and 703.202 of the statutes; relating to: a
6condominium association's obligation to maintain records and allow a unit
7owner to inspect and copy those records; financial audits of condominium
8association records; access by condominium unit owners to records of an entity
9controlled by an association; and organizing a condominium association as a
10for-profit corporation.

This bill 1) makes various changes to a condominium association's obligation
to maintain records and allow a unit owner to inspect and copy those records; 2) gives
condominium unit owners a right to request an audit of the association's financial
records; 3) provides that a unit owner may inspect and copy records of an entity
controlled by the association to the same extent that the association may inspect and

copy those records; and 4) provides that, after the effective date of the bill, an
association may not organize or reorganize as a for-profit corporation.