Amendment AA1-SB11

LRBa0256/2

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2007 - 2008 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO 2007 SENATE BILL 11

April 17, 2007 - Offered by Representative Hines.

SB11-AA1,1,1 At the locations indicated, amend the bill as follows:

SB11-AA1,1,2 1. Page 2, line 5: after that line insert:

SB11-AA1,1,3 " Section 4m. 707.21 (2) of the statutes is amended to read:

SB11-AA1,1,8 707.21 (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).

SB11-AA1, s. 5m Section 5m. 707.37 (6) of the statutes is amended to read:

SB11-AA1,2,11 707.37 (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.

SB11-AA1, s. 6m Section 6m. 707.55 (9) of the statutes is amended to read:

SB11-AA1,2,18 707.55 (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.".

SB11-AA1,2,19 (End)