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 changes include the deletion of the minimum net worth requirement of $100,000 for mortgage brokers, as well as the removal of the term "broker" from the relevant statute. The bill clarifies that the net worth requirement of $250,000 applies only to mortgage bankers and explicitly states that the net worth requirement does not apply to mortgage brokers. This change aims to streamline the licensing process for mortgage brokers in Wisconsin.

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