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 entirely, thereby eliminating the financial barrier for individuals seeking to become licensed mortgage brokers.

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 provision stating that the net worth requirement does not apply to mortgage brokers. This amendment aims to facilitate greater access to the mortgage brokerage profession by removing financial prerequisites that may hinder potential applicants.

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