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Wisconsin Legislature: AB313: Bill Text
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AB313: Bill Text
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2025 - 2026 LEGISLATURE
LRB-2780/1
KRP:ajk&skw
2025 ASSEMBLY BILL 313
June 6, 2025 - Introduced by Representatives
Brooks
,
Franklin
,
Goodwin
,
Green
,
Knodl
,
Kreibich
,
O'Connor
,
Piwowarczyk
and
Prado
, cosponsored by Senators
Stafsholt
and
Kapenga
. Referred to Committee on Financial Institutions.
AB313,1,2
1
An Act
to amend
224.72 (4) (b) of the statutes;
relating to:
the minimum net
2
worth requirement for licensed mortgage brokers.
Analysis by the Legislative Reference Bureau
Under current law, a person may not act as a mortgage broker unless the person is licensed by the Division of Banking in the Department of Financial Institutions. A mortgage broker is a person who, among other activities, assists others, for compensation, in obtaining or applying for loans but does not make underwriting decisions or close loans. Currently, an applicant for a mortgage broker license must, among other things, submit evidence of a minimum net worth of $100,000. This bill repeals the minimum net worth requirement for mortgage broker licensure.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
AB313,1
3
Section
1
.
224.72 (4) (b) of the statutes is amended to read:
AB313,2,5
4
224.72
(4)
(b) Submit evidence that establishes, to the division’s satisfaction,
5
a minimum net worth of $250,000 for a mortgage banker
or $100,000 for a mortgage
1
broker
. Evidence of net worth shall include the submission of recent financial
2
statements accompanied by a written statement by an independent certified public
3
accountant attesting that he or she has reviewed the financial statements in
4
accordance with generally accepted accounting principles.
This paragraph does not
5
apply to a mortgage broker.
AB313,2,6
6
(end)
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/2025/related/proposals/ab313
true
proposaltext
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proposaltext/2025/REG/AB313
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