(1) DEFINITION. In this section, “payoff amount” means the total amount necessary to satisfy all monetary obligations, including unpaid assessments, owed by a unit owner to the association in connection with a particular unit, as set forth in a payoff statement provided by the association. (2) REQUEST FOR PAYOFF STATEMENT. A unit owner, or a person on behalf of a unit owner, may submit to the association a written request for a payoff statement for a specified date not more than 30 days after the request is submitted. A grantee that requests a payoff statement under s. 703.165 (4) is considered a person making a request on behalf of a unit owner for purposes of this subsection. (3) DEADLINE TO PROVIDE PAYOFF STATEMENT. Within 10 business days after a request under sub. (2) is submitted, the association shall provide a written payoff statement to the unit owner or person that submitted the request. (4) FEES. (a) Except as provided under par. (b), an association shall provide one payoff statement requested under sub. (2) with respect to a unit without charge during any 2-month period. The association may charge a fee not to exceed $25 for each additional payoff statement requested for the unit during that 2-month period. (b) An association may charge a fee for providing the first payoff statement within a 2-month period described under par. (a) if the association establishes the fee as provided under s. 703.205. If the association establishes a fee under this paragraph, the association may increase the amount of the fee only as provided under s. 703.205. (5) DAMAGES. If an association to which a request is submitted under sub. (2) does not provide a payoff statement within the deadline described under sub. (3), the association is liable to the unit owner for any actual damages caused by the association’s failure or $350, whichever is less.
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