Bill
Bill > AB313
summary
Introduced
06/06/2025
06/06/2025
In Committee
10/08/2025
10/08/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
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.
AI Summary
This bill eliminates the current $100,000 minimum net worth requirement for mortgage broker licensure in Wisconsin. Under existing law, mortgage brokers (professionals who help people obtain loans for compensation without making underwriting decisions) were required to demonstrate a net worth of $100,000 when applying for a license from the Division of Banking. The proposed legislation removes this financial requirement specifically for mortgage brokers, while maintaining the $250,000 net worth requirement for mortgage bankers. By removing this financial barrier, the bill aims to make it easier for individuals to become licensed mortgage brokers by reducing the upfront capital needed to enter the profession. The change would modify section 224.72(4)(b) of Wisconsin statutes, effectively striking the language that mandates the $100,000 net worth threshold for mortgage brokers and ensuring that they are no longer required to submit financial statements proving this level of assets.
Committee Categories
Business and Industry
Sponsors (11)
Robert Brooks (R)*,
Benjamin Franklin (R)*,
Russell Goodwin (D)*,
Chanz Green (R)*,
Dan Knodl (R)*,
Rob Kreibich (R)*,
Jerry O'Connor (R)*,
Jim Piwowarczyk (R)*,
Pricilla Prado (D)*,
Chris Kapenga (R),
Rob Stafsholt (R),
Last Action
Laid on the table (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://docs.legis.wisconsin.gov/2025/proposals/reg/asm/bill/ab313 |
| AB313 ROCP for Committee on Financial Institutions | https://docs.legis.wisconsin.gov/2025/related/records/assembly/financial_institutions/1940109.pdf |
| BillText | https://docs.legis.wisconsin.gov/document/proposaltext/2025/REG/AB313.pdf |
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