Assembly Bill 407
Mortgage loan defaults and notification of alternative dispute resolution options
Topics: Circuit court, Mortgage
Stopped in committee
It never got a , so it never came up for a vote. To try again, a lawmaker would have to start a new bill.
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Introduced, passed
Aug 31, 2009
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Committee, stopped here
Stopped here. No public hearing was held.
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Assembly vote, not reached
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Senate vote, not reached
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Governor, not reached
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Law, not reached
Latest entry in the official record, Apr 28, 2010: “Failed to pass pursuant to ”
It never got a hearing in the Assembly Committee on Housing. See every bill that never got a hearing this session.
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Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
What it would have done
Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.
Under current law, with exceptions, a mortgage banker is a person that originates certain mortgage loans for itself or others, sells such mortgage loans to others, or services such mortgage loans. Among the exceptions, a mortgage banker generally does not include a financial institution.
Under this bill, if a borrower has failed to make full scheduled payments on a residential first mortgage loan for two consecutive payment periods and the failure to make these payments renders the borrower in default, a mortgage banker holding or servicing the loan must provide the borrower with notice of the default within 45 days after the due date for the second payment period. The notice must inform the borrower of any action required of the borrower to cure the default and of the names and addresses of adjustment service companies licensed with the Department of Financial Institutions that offer credit counseling services to homeowners.
Read the full summary Show less
Under this bill, if an action is brought in circuit court for the foreclosure of a mortgage on real estate, the contents of the legal pleadings that make the claim for foreclosure must include a statement that either party to the action may request that the court order the parties to select an alternative method of settling the claim.
Current law allows a circuit court to order parties to an action to use an alternative settlement method, such as binding arbitration, mediation, nonbinding arbitration, or direct negotiations. Under the bill, if the court orders the parties to select an alternative method to settle the claim and the court determines that a party is not participating in good faith, the court must terminate the settlement alternative and may order that party to pay the other party's costs, including attorney fees, incurred while participating in the settlement alternative.
Who's behind it
11 representatives are its . All 11 are Democrats.
2 more lawmakers .
See all 13 names Hide the names
Authors (11)
- Terese Berceau · Democrat, Assembly
- Penny Bernard Schaber · Democrat, Assembly
- Fred Clark · Democrat, Assembly
- Kristen Dexter · Democrat, Assembly
- Tamara Grigsby · Democrat, Assembly
- Kim Hixson · Democrat, Assembly
- Ann Hraychuck · Democrat, Assembly
- Cory Mason · Democrat, Assembly
- Louis Molepske Jr. · Democrat, Assembly
- Jon Richards · Democrat, Assembly
- Josh Zepnick · Democrat, Assembly
Signed on in support (2)
- Dave Hansen · Democrat, Senate
- Pat Kreitlow · Democrat, Senate
What happened
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Apr 28, 2010
The session ended, and the bill died with it.
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Aug 31, 2009
Sent to the Assembly Committee on Housing.
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Aug 31, 2009
Introduced in the Assembly.
See the official record, word for word Hide the official record
- Aug 31, 2009 · Assembly
Introduced by Representatives Hraychuck, Dexter, Mason, Clark, Berceau, Molepske Jr., Bernard Schaber, Hixson, Zepnick, Richards and Grigsby;Cosponsored by Senators Kreitlow and Hansen
- Aug 31, 2009 · Assembly
Read first time and referred to committee on Housing
- Apr 28, 2010 · Assembly
Failed to pass pursuant to Senate Joint Resolution 1
Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
From the Wisconsin Legislature's official record, checked Sep 15, 2026. See the source
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor