2025 - 2026 LEGISLATURE
LRB-2780/1
KRP:ajk&skw
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
1An Act to amend 224.72 (4) (b) of the statutes; relating to: the minimum net
2worth 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:
AB313,13Section 1. 224.72 (4) (b) of the statutes is amended to read: AB313,2,54224.72 (4) (b) Submit evidence that establishes, to the division’s satisfaction, 5a minimum net worth of $250,000 for a mortgage banker or $100,000 for a mortgage
1broker. Evidence of net worth shall include the submission of recent financial 2statements accompanied by a written statement by an independent certified public 3accountant attesting that he or she has reviewed the financial statements in 4accordance with generally accepted accounting principles. This paragraph does not 5apply to a mortgage broker.
