707.40 Applicability; exemptions.

213 words·~1 min read·/wi/chapter-707/707-40-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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:

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

(a)By gift.

(b)By court order.

(c)By a government or governmental agency.

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

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

(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.

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

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

(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.