Non-Judicial Foreclosure for Timeshares Enacted in Wisconsin
Issue BriefYesterday Governor Scott Walker signed into law SB 241 which permits non-judicial foreclosures for timeshare mortgages and association assessment liens. The new law took effect upon the Governor's signature.
Formerly a Wisconsin timeshare could only be foreclosed on in court. SB 241 now allows a less expensive non-judicial process to foreclose mortgages and assessment liens on timeshare estates and licenses. Timeshare foreclosures must now use the non-judicial procedure, but if an owner objects to this new method, the foreclosing entity must use the judicial process.
Governor Walker signed SB 241
into effect on December 7, in Madison with bill sponsors Sen. Frank Lasee and Rep. Roger Rivard, and ARDA Senior VP Stephany Madsen looking on. ARDA-Wisconsin and ARDA-ROC supported the bill with the assistance of representation by Foley & Lardner. The law is expected to greatly assist timeshare owners' associations in dealing with assessment lien foreclosures.