Assembly Bill 765
Licensing requirements for mortgage bankers and mortgage brokers
Topics: Banking, Division of, Mortgage, Veteran: Housing, Veterans Affairs, Department of
Stopped before the full Assembly voted
The recommended passing it, but the full Assembly never voted on it. To try again, a lawmaker would have to start a new bill.
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Introduced, passed
Feb 22, 2010
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Committee, passed
Approved
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Assembly vote, stopped here
Stopped here. The full Assembly never voted on it.
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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 ”
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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.
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
Roll call
A vote where each lawmaker's yes or no is recorded by name.
Official term: Roll call vote. 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, a person may not act as a mortgage banker, mortgage broker, or mortgage loan originator unless the person is licensed as such with the Division of Banking in the Department of Financial Institutions (division). A mortgage banker is, with certain exceptions, a person who originates residential mortgage loans (loans) for itself or for another person; sells loans or interests in loans to another person; or services loans or provides escrow services. A mortgage broker is, with certain exceptions, a person who, on behalf of a loan applicant or an investor and for commission or other compensation, finds a loan or negotiates a loan or loan commitment. A mortgage loan originator is, with certain exceptions, an individual who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or gain. State and federally chartered financial institutions are not mortgage bankers or mortgage brokers. In 2009 Wisconsin Act 2 (Act 2), provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 were adopted into state law. Act 2 made extensive changes related to the regulation of mortgage loan originators and also made some changes related to the regulation of mortgage bankers and mortgage brokers, including changes related to minimum net worth and bonding amounts for mortgage bankers and mortgage brokers.
Under current law (after Act 2), an applicant for a mortgage banker license must file with the division a bond in the amount of $300,000 to secure the applicant's faithful performance of duties and obligations and must submit evidence of a minimum net worth of $250,000. An applicant for a mortgage broker license must file with the division a bond in the amount of $120,000 to secure the applicant's faithful performance of duties and obligations and must submit evidence of a minimum net worth of $100,000.
Read the full summary Show less
This bill reduces, with one exception, the amount of the bond and net worth requirements for mortgage banker and mortgage broker applicants. Under the bill, an applicant for a mortgage banker license must file a bond in an amount that ranges from $100,000 to $300,000, depending on the annual amount of the mortgage banker's loan originations, and must submit evidence of a minimum net worth of $100,000. An applicant for a mortgage broker license must file a bond in an amount that ranges from $50,000 to $100,000, depending on the annual amount of the mortgage broker's loan originations, and must submit evidence of a minimum net worth of $50,000.
Under current law, there are exceptions that expressly exclude the Department of Veterans Affairs (DVA), when administering its veterans housing loan program, from being considered a mortgage banker or mortgage broker and that exclude its employees from being considered mortgage loan originators.
This bill eliminates these exceptions applicable to DVA and its employees.
Who's behind it
2 representatives are its . All 2 are Democrats.
See all 2 names Hide the names
Authors (2)
- Jason Fields · Democrat, Assembly
- Joe Parisi · Democrat, Assembly
How lawmakers voted
There was one vote on this bill.
Assembly Committee on Financial Institutions vote to recommend it
Passed, 10 to 1 · Mar 4, 2010
No member-by-member record exists for this vote. Committee votes and some older sessions record totals only.
Official motion: “Report passage recommended by committee on Financial Institutions, Ayes 10, Noes 1”. Official record · This vote on its own page
What happened
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Apr 28, 2010
The session ended, and the bill died with it.
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Mar 4, 2010
Sent to the Assembly Committee on Rules.
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Mar 4, 2010
The committee voted to recommend passing it, 10 to 1.
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Feb 24, 2010
The committee held a public hearing.
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Feb 22, 2010
Sent to the Assembly Committee on Financial Institutions.
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Feb 22, 2010
Introduced in the Assembly.
See the official record, word for word Hide the official record
- Feb 22, 2010 · Assembly
- Feb 22, 2010 · Assembly
Read first time and referred to committee on Financial Institutions
- Feb 24, 2010 · Assembly
Public hearing held
- Mar 3, 2010 · Assembly
Executive action taken
- Mar 4, 2010 · Assembly
Report passage recommended by committee on Financial Institutions, Ayes 10, Noes 1
- Mar 4, 2010 · Assembly
Referred to committee on Rules
- 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.
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
Roll call
A vote where each lawmaker's yes or no is recorded by name.
Official term: Roll call vote. 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.
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
Roll call
A vote where each lawmaker's yes or no is recorded by name.
Official term: Roll call vote