LRB-3183/1
MJL:kmg:pg
2003 - 2004 LEGISLATURE
February 9, 2004 - Introduced by Senators Welch and
Lassa, cosponsored by
Representatives Hines, Grothman, Ainsworth, Krawczyk and Hahn.
Referred to Committee on Economic Development, Job Creation and Housing.
SB439,1,2
1An Act to repeal 707.04;
to amend 707.02 (24); and
to create 707.02 (30) of the
2statutes;
relating to: time-share licenses.
Analysis by the Legislative Reference Bureau
Current law permits a person to purchase a time share, which is an interest in
property that gives the purchaser the right to access and use the time-share property
during at least four separated periods of time over the space of at least four years.
Current law, however, prohibits a person from purchasing a time-share license,
which is a contract (as opposed to a recorded interest in property) that grants the
same right of access and use as a time share. This bill permits the purchase of a
time-share license.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB439, s. 1
3Section
1. 707.02 (24) of the statutes is amended to read:
SB439,1,54
707.02
(24) "Time share" means a time-share estate
or a, time-share
5easement
, or time-share license.
SB439, s. 2
6Section
2. 707.02 (30) of the statutes is created to read:
SB439,2,4
1707.02
(30) "Time-share license" means a right to occupy a unit or any of
2several units under a license or lease agreement during at least 4 separated periods
3over at least 4 years, including renewal options, not coupled with an interest in
4property.
SB439, s. 3
5Section
3. 707.04 of the statutes is repealed.
