707.40 Applicability; exemptions. - Wisconsin Statutes

707.40

SUBCHAPTER IV
PROTECTION OF PURCHASERS
707.40 Applicability; exemptions. This subchapter applies to all time shares subject to this chapter, except that ss. 707.41 to 707.45 and 707.48 do not apply to any of the following:

707.40(1)

(1) The disposition of a time share in any of the following circumstances:

707.40(1)(a)

(a) By gift.

707.40(1)(b)

(b) By court order.

707.40(1)(c)

(c) By a government or governmental agency.

707.40(1)(d)

(d) By foreclosure or deed in lieu of foreclosure.

707.40(2)

(2) The disposition of a time share if the purchaser may cancel at any time and for any reason without penalty.

707.40(3)

(3) The disposition of a time share in a unit situated wholly outside this state under a contract executed wholly outside this state, if there has been no offering within this state.

707.40(4)

(4) An offering by a developer of time shares in not more than one time-share unit at any one time.

707.40(5)

(5) Disposition to one purchaser of a time-share property or all of the time shares in a time-share property.

707.40(6)

(6) A transaction normal and customary in the hotel and motel business, including but not limited to acceptance of advance reservations, if the person engaging in the transaction operates or owns a motel or hotel substantially engaged in the business of accepting short-term, single reservation contracts with customers who obtain no associated long-term use rights.

707.40 - ANNOT.

History: 1987 a. 399.