State Codes and Statutes

Statutes > Wisconsin > 452 > 452.025

452.025

452.025 Time-share salespersons.

452.025(1)

(1)

452.025(1)(a)

(a) A person desiring to act as a time-share salesperson shall submit to the department an application for a certificate of registration.

452.025(1)(b)

(b) The application for registration as a time-share salesperson shall be in the form prescribed by the department and shall include all of the following:

452.025(1)(b)1.

1. The name and address of the applicant.

452.025(1)(b)2.

2. The prior occupations of the applicant.

452.025(1)(b)3.

3. Certification from the licensed broker employing the applicant that the applicant is competent to act as a time-share salesperson.

452.025(1)(b)4.

4. Any other information which the department reasonably requires to enable it to determine the competency of the person to transact business as a time-share salesperson in a manner which safeguards the interests of the public.

452.025(1)(c)

(c) Each application for registration as a time-share salesperson shall be accompanied by an initial credential fee determined by the department under s. 440.03 (9) (a) or the applicable renewal fee determined by the department under s. 440.03 (9) (a), whichever is appropriate.

452.025(2)

(2) A person shall not engage in the business or occupation of, or advertise or hold himself or herself out as, a time-share salesperson unless the person is registered under this section or licensed under s. 452.09.

452.025(3)

(3)

452.025(3)(a)

(a) A time-share salesperson registered under this section may act as a time-share salesperson only when employed by a licensed broker.

452.025(3)(b)

(b)

452.025(3)(b)1.

1. Except as provided in subd. 2., a time-share salesperson registered under this section shall not draft or complete a purchase agreement, offer to purchase, or other contract or document related to the sale of a time share.

452.025(3)(b)2.

2. A time-share salesperson registered under this section may complete a form purchase agreement or offer to purchase, if the form purchase agreement or offer to purchase has been approved by the department and includes only the following:

452.025(3)(b)2.a.

a. The name, address and telephone number of the purchaser.

452.025(3)(b)2.b.

b. The name of the time-share project.

452.025(3)(b)2.c.

c. Identification and price of the time share being purchased and the amount of the downpayment and where it will be held.

452.025(3)(b)2.d.

d. Financing alternatives.

452.025(3)(b)2.e.

e. Disclosures under subch. III of ch. 422 and the federal consumer credit protection act, 15 USC 1601 to 1693r.

452.025(3)(b)2.f.

f. The date of closing.

452.025(3)(b)2.g.

g. The signature of the time-share salesperson and the name of the employing broker.

452.025(3)(b)2.h.

h. The date of execution.

452.025(3)(b)2.i.

i. Information required under s. 707.46 to be included in a contract for the purchase of a time share.

452.025(4)

(4) A time-share salesperson registered under this section may apply at any time to transfer employment to another licensed broker by submitting to the department an application in the form prescribed by the department and the transfer fee specified in s. 440.05 (7).

452.025(5)

(5)

452.025(5)(a)

(a) The renewal date for certificates of registration granted by the department under this section is specified under s. 440.08 (2) (a).

452.025(5)(b)

(b) An application to renew a certificate of registration granted under this section shall be submitted with the applicable renewal fee determined by the department under s. 440.03 (9) (a) on or before the applicable renewal date specified under s. 440.08 (2) (a).

452.025 - ANNOT.

History: 1987 a. 399; 1989 a. 31; 1991 a. 39; 2007 a. 20.