Assembly Bill 313 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, thereby eliminating the need for mortgage brokers to provide evidence of their net worth as a condition for licensure.

The specific legal language being amended is found in section 224.72 (4) (b) of the statutes, which currently mandates the submission of evidence for a minimum net worth of $100,000 for mortgage brokers. The bill replaces this requirement with a stipulation that the net worth requirement does not apply to mortgage brokers, while still maintaining a separate requirement for mortgage bankers, who must demonstrate a minimum net worth of $250,000.

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