Wisconsin Non-Judicial Foreclosure Bill Passed in Both Chambers

2011-11-02

Issue Brief

After quickly being passed in both the assigned Senate and Assembly committees, Wisconsin Assembly Bill 328, legislation to allow non-judicial foreclosure for timeshare mortgages and association assessment liens, was passed by both the Senate and Assembly Chambers as of yesterday. AB 328 will now be presented to the Governor's office for final approval. ARDA-Wisconsin and ARDA-ROC representatives provided testimony in support of the bill.

Impact

The delays and expenses associated with the court-administered foreclosure process have created a financial burden on timeshare owners, associations, and developers. This legislation will make timeshare foreclosures less expensive and more efficient while maintaining consumer protections for defaulting owners. A copy of the Assembly Bill is available here.

Position/Call to Action

ARDA-ROC and ARDA-Wisconsin support AB 328, relating to Non-Judicial Foreclosures for Timeshares and thank you for your support through phone calls and letters to the Wisconsin committees in support of AB 328.  There is no additional call to action at this time.

Issue Updates

The bill will soon be presented to the Governor’s office as its final legislative stop.  Check back to www.arda-roc.org for updates.

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