2007 WISCONSIN ACT 18
An Act to repeal 707.04; to amend 707.02 (24), 707.21 (2), 707.37 (6) and 707.55 (9); and to create 707.02 (30) of the statutes; relating to: time-share licenses.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
18, s. s. 1
707.02 (24) of the statutes is amended to read:
707.02 (24) "Time share" means a time-share estate or a , time-share easement, or time-share license.
18, s. s. 2
707.02 (30) of the statutes is created to read:
707.02 (30) "Time-share license" means a right to occupy a unit or any of several units under a license or lease agreement during at least 4 separated periods over at least 4 years, including renewal options, not coupled with an interest in property.
18, s. s. 3
707.04 of the statutes is repealed.
18, s. s. 4m
707.21 (2) of the statutes is amended to read:
707.21 (2) Exception for certain easements
or licenses. If a time-share easement or a time-share license applies to units in more than one time-share property, the time-share instrument creating the time-share easement or the time-share license need not contain or provide for the matters specified in sub. (1) (a) to (h).
18, s. s. 5m
707.37 (6) of the statutes is amended to read:
707.37 (6) Enforcement of lien. A lien may be enforced and foreclosed by a managing entity or any other person specified in the time-share instrument, in the same manner, and subject to the same requirements, as a foreclosure of mortgages on real property in this state or, in the case of a time-share license, under chs. 401 to 411. The managing entity may recover costs and actual attorney fees. The managing entity may, unless prohibited by the project instrument or time-share instrument, bid on the time share at foreclosure sale and acquire, hold, mortgage and convey the time share. Suit to recover a money judgment for unpaid time-share expenses shall be maintainable without foreclosing or waiving the lien securing the time-share expenses. Suit for any deficiency following foreclosure may be maintained in the same proceeding. No action may be brought to foreclose the lien unless brought within 3 years after the recording of the statement of time-share lien and unless 10 days' prior written notice is given to the time-share owner by registered mail, return receipt requested, to the address of the time-share owner shown on the books of the managing entity.
18, s. s. 6m
707.55 (9) of the statutes is amended to read:
707.55 (9) Purpose of advertising material. Failing to include the following disclosure, in boldface type, on any printed advertising material, including any lodging certificate, gift, award, prize, premium or discount: THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF REAL TIME-SHARE PROPERTY OR INTERESTS IN REAL TIME-SHARE PROPERTY.