Senate Bill 315 proposes an amendment to the current licensing requirements for mortgage brokers in Wisconsin. Under existing law, applicants for a mortgage broker license must demonstrate a minimum net worth of $100,000. This bill seeks to repeal that requirement entirely, thereby eliminating the need for mortgage brokers to provide evidence of their net worth to obtain a license.

The specific legal language changes include the deletion of the $100,000 minimum net worth requirement for mortgage brokers, as well as the insertion of a clause stating that the net worth requirement does not apply to mortgage brokers. This change aims to simplify the licensing process for mortgage brokers and potentially increase the number of individuals eligible to enter the profession.

Statutes affected:
Bill Text: 224.72(4)(b), 224.72