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 to obtain a license.

The specific legal language being amended is found in section 224.72 (4) (b) of the statutes, where the minimum net worth requirement for mortgage brokers is deleted. The bill clarifies that the net worth requirement of $250,000 applies only to mortgage bankers and explicitly states that this requirement does not apply to mortgage brokers. This change aims to streamline the licensing process for mortgage brokers and potentially encourage more individuals to enter the profession.

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