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. History: 1987 a. 399.
707.41 Time-share disclosure statement. (1) PREPARATION OF STATEMENT. (a) Except as provided in par. (b), a developer, before offering an interest in a time-share unit, shall prepare a time-share disclosure statement conforming to the requirements of this section and, if applicable, ss. 707.42 to 707.45. (b) A developer may transfer responsibility for preparation of all or a part of the time-share disclosure statement to a successor developer or to a person in the business of selling real estate who intends to offer time shares in the time-share property for the person’s own account. The developer shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of this section. (2) DELIVERY OF STATEMENT; SINGLE STATEMENT. (a) A developer or other person in the business of selling real estate who offers a time share for the person’s own account to a purchaser shall deliver a time-share disclosure statement to a prospective purchaser in the manner prescribed in s. 707.47 (1). (b) If a time-share property is part of any other real estate venture in connection with the sale of which the delivery of a disclosure statement is required under the laws of this state, a single disclosure statement conforming to the requirements of this section and, if applicable, ss. 707.42 to 707.45, as those requirements relate to all real estate ventures in which the time-share property is located, and to any other requirements imposed under the laws of this state, may be prepared and delivered in lieu of providing 2 or more disclosure statements. (3) LIABILITY FOR STATEMENT. The person who prepared all or a part of the time-share disclosure statement is liable under ss.