707.45 Amendments to statement. A developer shall promptly amend all of the following: (1) The time-share disclosure statement to report any material change in the information required by s. 707.41 or 707.44. (2) The time-share disclosure statement or any supplement to the statement to report any material change known to the developer in the information required by s. 707.42, except that: (a) The developer shall report to purchasers any significant change in information required by s. 707.42 (2) (b), (c) and (k) that adversely affects purchasers’ interests within 30 days after the change occurs, and if the developer reports the change as required, the developer is not liable to purchasers for any harm resulting because purchasers were not informed earlier of the change. (b) The information required by s. 707.42 (2) (m) to (o) shall be calculated, at a minimum, from the records of the exchange company, as defined in s. 707.42 (1) (a), for each calendar year and shall be available no later than July 1 of the succeeding year.
May 22, 2026, are designated by NOTES. (Published 5-22-26)
707.45
Updated 23-24 Wis. Stats.
TIME-SHARE OWNERSHIP
(3) The time-share disclosure statement or any supplement to the statement to report any material change in the information required by s. 707.43, except that the information required by s. 707.43 (2) (d) to (f) shall be calculated, at a minimum, from the records of the multilocation developer, as defined in s. 707.43 (1), for the preceding calendar year and shall be available no later than July 1 of the succeeding year. History: 1987 a. 399.
707.46
Contract; minimum requirements. (1) REAll contracts for the purchase of a time share shall contain at least all of the following provisions: (a) The actual date that the contract is executed by each party. (b) The name and address of the developer or seller and of any agent acting on behalf of the developer or seller, and, if different than the developer or seller, any owner of the land or buildings included in the project of which the time shares are a part. (c) The total financial obligation of the purchaser, including the initial purchase price and any additional charges to which the purchaser may be subject, such as financing, reservation and recreation charges and time-share expenses. (d) The projected date of completion of construction, as defined in s. 707.49 (1) (a), of each part of the project of which time shares are a part which is not completed at the time the purchase contract is executed. (e) A description of the nature and duration of the time share being sold. (f) A description of the purchaser’s rights under s. 707.47. (2) CAMPGROUNDS; ADDITIONAL PROVISIONS. In addition to the information required under sub. (1), a contract for the purchase of a time-share easement in a campground shall include all of the following information: (a) Any policy or other existing obligation to allow persons who are not campground members to use the campground or campground amenities. (b) The maximum ratio of campground contracts projected to be sold per campsite during the course of a campground contract. (3) RECORDING. (a) A contract for the purchase of a timeshare and any other instrument that is evidence of a purchase of a time-share is valid only if it is recorded. (b) Paragraph (a) does not apply to a contract for, or other instrument evidencing, the purchase of a time-share license. QUIRED PROVISIONS.
History: 1987 a. 399; 1999 a. 9; 2009 a. 133.
707.47
Purchaser’s right to cancel. (1) PROVISION OF STATEMENT. A person required to deliver a time-share disclosure statement under s. 707.41 (2) shall, before transfer of a time share and no later than the date of any contract for the purchase of a time share, provide a prospective purchaser with a copy of the time-share disclosure statement and all amendments and supplements to the statement. (2) RIGHT TO CANCEL. If delivery of a time-share disclosure statement is required under s. 707.41 (2), the purchaser may cancel a contract for the purchase of a time share until midnight of the 5th business day after whichever of the following is later: (a) The date that the contract is executed. (b) The date on which the purchaser receives the last of the documents required to be provided to the purchaser under sub. (1). (3) ACTIVITY BEFORE CANCELLATION PERIOD EXPIRES. No title may be recorded, deed delivered or deposit released until the cancellation period under sub. (2) has expired. Nothing in this subsection or sub. (4) precludes the execution of documents before the cancellation period expires, for delivery after the cancellation period expires.
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(4) WAIVER PROHIBITED. The purchaser or any person on behalf of the purchaser may not waive the right to cancel under sub. (2). (5) NOTICE OF CANCELLATION. If a purchaser elects to cancel a contract under sub. (2), the purchaser may do so by personallydelivering notice of the cancellation to the seller or by mailing the notice to the developer or to the developer’s agent for service of process. If mailed, any notice of cancellation shall be considered given on the date that the notice is postmarked. (6) REFUND. (a) Cancellation under sub. (2) shall be without penalty, and, except as provided in par. (b), all payments made by the purchaser before cancellation shall be refunded within 20 days after receipt of the notice of cancellation or within 5 days after receipt of funds from the purchaser’s cleared check, whichever is later. (b) If the purchaser has used or occupied the time-share property for more than 12 hours before cancellation, the funds to be returned to the purchaser may be reduced by a reasonable charge to cover the length of stay plus the cost for damages, if any, to the time-share property directly attributable to the purchaser’s use or occupancy of the time share property. History: 1987 a. 399.