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.
History: 1987 a. 399.