Section 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.

1987 a. 399 .