Chapter 707, TIME-SHARE OWNERSHIP

707.02 Definitions. In this chapter: (1) “Affiliate of a developer” means any person who controls, is controlled by or is under common control with a developer. (2) “Association” means the association organized under s. 707.30 (2). (4) “Campground” means real property that is ava…

707.03 Status of time-share estates. (1) A grant of an estate in a unit conferring the right of possession during a potentially infinite number of separated periods creates a fee simple absolute interest, and a grant of an estate in a unit conferring the right of possession durin…

707.05 Variation by agreement. Except as otherwise provided in this chapter, the provisions of this chapter may not be varied by agreement, and rights conferred under this chapter may not be waived. A developer may not act under a power of attorney, or use any other device, to ev…

707.06 Unconscionable contract. (1) UNCONSCIONABILITY; REMEDY. If a court as a matter of law finds that any aspect of a contract relating to the use or ownership of a time share, any conduct directed against the purchaser by a party to the contract, or any result of the contract …

707.07 Obligation of good faith. Every contract or duty within this chapter imposes an obligation of good faith in its performance or enforcement. History: 1987 a. 399.

707.09 Conflicts with other laws. If a conflict exists between this chapter and ch. 703, the provisions of this chapter prevail. History: 1987 a. 399.

707.10 Zoning and other regulation of time-share projects. (1) LIMITATIONS; LAND USE REGULATION. No zoning or other land use ordinance or regulation may prohibit timeshare projects or impose any requirements upon a time-share project which it does not impose upon a physically ide…

707.11 Securities law; applicability. A time share created and marketed in accordance with this chapter is not a security under ch. 551 if a developer complies with ss. 707.38 (1m) and 707.49. History: 1987 a. 399. SUBCHAPTER II CREATION, TERMINATION AND INCIDENTS OF TIMESHARE OW…

707.20 Time shares in projects. (1) If all of the documents constituting a project instrument are recorded after June 1, 1988, time shares may not be created in any unit in the project unless expressly permitted by the project instrument, including an amendment to the project ins…

707.21 Time-share instrument. (1) CONTENTS. Except as provided in sub. (2), more than 12 time shares may be created in a single time-share property only by recording under sub. (3) a time-share instrument containing or providing for all of the following: (a) A sufficient descript…

707.215 Project and time-share property plat. (1) RECORDING REQUIREMENT. When a time-share instrument is recorded under s. 707.21 (3), the developer shall file for record a plat, as described in sub. (2), of the time-share property and the project, if any, within which the time-s…

707.22 Allocation of time-share liability and voting rights. (1) ALLOCATION OF EXPENSES. The time-share instrument shall state the amount of, or formula used to determine, any time-share liability. (2) ALLOCATION OF VOTING RIGHTS. (a) If the time-share instrument provides for vot…

707.23 Partition. Notwithstanding ch. 842, no action for partition of a time-share unit may be maintained except as permitted by the time-share instrument or under s. 707.24 (3) (b). History: 1987 a. 399. 707.24 Termination of time shares. (1) TERMINATION BY AGREEMENT. All time s…

707.24 Termination of time shares. 707.24(1)(1) Termination by agreement. All time shares in a time-share property may be terminated only by agreement of the time-share owners having at least 80 percent of the time shares, except that the time-share instrument may require approva…

707.25 Use for sales purposes. (1) Except as provided in sub. (2), a developer may maintain sales offices, management offices and models in the time-share property only if the time-share instrument so provides and specifies the rights of a developer with regard to the number, siz…

707.26 Rights of secured lenders. The time-share instrument may require that all or a specified number or percentage of holders of mortgages or equivalent security interests encumbering units or time shares approve specified actions of the unit owners, time-share owners, the deve…

707.28 Foreclosure of time-share estates and licenses. (1) DEFINITION. In this section, “foreclosing entity” means a person that holds a mortgage or a lien for assessments under s. 707.37 on a time-share estate and that seeks to foreclose the mortgage or lien. (2) AVAILABLE PROCE…

707.30 Managing entity; association of unit owners. (1) LEGAL ENTITY. Except as otherwise provided in this section, the affairs of every time-share property shall be managed by an association which, whether incorporated or unincorporated, is a legal entity for all purposes. (2) O…

707.31 Transfer of special developer rights. (1) DEFINITION. In this section, “special developer right” means a developer’s right to do any of the following: (a) Add more units to a time-share property under s. 707.21 (1) (f). (b) Maintain sales offices, management offices, model…

707.32 Termination of contracts and leases of developer. (1) DEFINITION. In this section, “time-share property” does not include a campground. (1m) AUTHORITY OF THE ASSOCIATION. The following contracts or leases relating to the time-share property which are entered into before th…

707.33 Upkeep of units. (1) RESPONSIBILITY OF MANAGING ENTITY AND REQUIRED ACCESS. (a) Unless otherwise provided in the time-share instrument, the managing entity shall be responsible for maintenance, repair and replacement of the timeshare units and any personal property availab…

707.34 Tort and contract liability. (1) ACTIONS AGAINST DEVELOPER AND THE ASSOCIATION. (a) An action in tort alleging a wrong done by a developer or a manager selected by the developer, or an agent or employee of either, in connection with any portion of the time-share property o…

707.35 Insurance; repair or replacement of damaged property. (1) REQUIRED INSURANCE. Beginning not later than when a developer offers a time share for sale in a time-share property in which the number of time shares exceeds 12, the managing entity shall maintain all of the follow…

707.36 Disposition of surplus funds. Unless otherwise provided in the time-share instrument, any surplus funds derived from the time-share owners or from property belonging to the time-share owners or their association and held by a managing entity, which are remaining after paym…

707.37 Assessments for time-share expenses; lien. (1) LIABILITY FOR ASSESSMENTS. (a) Until assessments for time-share expenses are made against the time-share owners, the developer shall pay all time-share expenses. (b) When assessments for time-share expenses are made against th…

707.38 Blanket encumbrances; liens. (1) DEFINITION. In this section, “blanket encumbrance” means any mortgage, lien or other interest which secures or evidences an obligation to pay money or to convey or otherwise dispose of all or any part of a time-share property, affects the t…

707.39 Initiative, referendum and recall. (1) DEFINITIONS. In this section: (a) “Owner” means a person who, other than as security for an obligation, is an owner or co-owner of a time share or is an owner or co-owner of a unit that is not a time-share unit. (b) “Time share” does …

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 c…

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 applicab…

707.42 Exchange or reciprocal program; additional requirements. (1) DEFINITIONS. In this section: (a) “Exchange company” means a person operating an exchange program. (b) “Exchange program” means an arrangement where timeshare owners exchange occupancy rights among themselves or …

707.43 Multilocation developer; additional requirements. (1) DEFINITION. As used in this section, “multilocation developer” means a developer creating or selling its own time shares in more than one time-share property under a program permitting time-share owners, by reservation …

707.44 Conversion building; additional requirements. (1) ADDITIONAL REQUIREMENTS. If a conversion building includes or will include one or more time-share units, is more than 10 years old and the developer or any affiliates of the developer own or control more than 50 percent of …

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 statem…

707.46 Contract; minimum requirements. 707.46(1)(1) Required provisions. All contracts for the purchase of a time share shall contain at least all of the following provisions: 707.46(1)(a)(a) The actual date that the contract is executed by each party. 707.46(1)(b)(b) The name an…

707.47 Purchaser’s right to cancel. 707.47(1)(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 …

707.48 Resales of time shares. (1) REQUIRED DISCLOSURES. Except as provided in s. 707.40 or except where delivery of a time-share disclosure statement is required under s. 707.41 (2), a seller of a time share shall furnish to the purchaser before execution of any contract for the…

707.49 Deposits; escrow requirement. (1) DEFINITIONS. In this section: (a) “Completion of construction” means that all accommodations of the time-share unit and all buildings, improvements and other facilities of the time-share property, including campground amenities, are availa…

707.50 Conversion building; tenants’ rights. (1) NOTICE OF CONVERSION. A developer of a time-share property which includes all or part of a conversion building, and any person in the business of selling real estate for the person’s own account who intends to offer time shares in …

707.51 Protection of campground interests. 707.51(1)(1) Increase in dues payments. 707.51(1)(a)(a) Except as provided in par. (b), the total amount of dues payments in any year required to be paid by a campground member may not be increased over the total amount of dues payments …

707.52 Campgrounds; breach by member. 707.52(1)(1) Termination for breach. A campground operator may not terminate a campground contract because of a campground member’s breach of rules or regulations or terms or conditions of the campground contract, other than terms or conditio…

707.53 Warranties. (1) EXPRESS WARRANTIES OF QUALITY. (a) Express warranties made by any seller of a time share to a purchaser, if relied upon by the purchaser, are created as follows: 1. Any affirmation of fact or promise which relates to the time share, the time-share unit, rig…

707.54 Labeling of promotional material. If any improvement in the time-share property is not required to be built, no promotional material may be displayed or delivered to prospective purchasers which describes or portrays that improvement unless the description or portrayal of …

707.55 Prohibited advertising and sales practices. In connection with the offer or sale of a time share, no person may engage in any of the following practices: (1) FALSE OR MISLEADING STATEMENTS. Making any assertion, representation or statement of material fact that is false, d…

707.56 Developer’s obligation to complete improvements. The developer shall complete all promised improvements as described in the time-share instrument, promotional materials, advertising and the time-share disclosure statements. The developer shall be excused for the period or …

707.57 Remedies and penalties. (1) PRIVATE REMEDIES. (a) If a developer or any other person subject to this chapter fails to comply with this chapter or the time-share instrument, any person or class of persons adversely affected by the failure to comply has a claim for appropria…

707.58 Applicability to existing time shares. (1) This chapter applies to all time shares created in units within this state on or after June 1, 1988, and to time shares created before June 1, 1988, as provided in subs. (2) to (12). (2) Sections 707.03, 707.30 (5) (a) 1. to 9. an…

707.59 Time-share units not within state. (1) Except as provided in sub. (2), if time shares in a time-share unit located outside of this state are offered or sold in this state, the laws of the state where the time-share unit is located which relate to a general matter covered b…