Senate Bill 441
Reporting by certain mortgage brokers. (FE)
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
Dec 16, 2013
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Committee, stopped here
Stopped here. No public hearing was held.
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Senate vote, not reached
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Assembly vote, not reached
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Governor, not reached
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Law, not reached
Latest entry in the official record, Apr 8, 2014: “Failed to pass pursuant to ”
It never got a hearing in the Senate Committee on Insurance and 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
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. 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 loan application or offers or negotiates terms of a loan for compensation or gain. State and federally chartered financial institutions are not mortgage bankers or mortgage brokers. Beginning on January 1, 2010, provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 were adopted into state law, including provisions requiring that certain state licensing and registration functions be conducted through the Nationwide Mortgage Licensing System and Registry (NMLSR) developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.
Current law requires each mortgage banker, mortgage broker, and mortgage loan originator to annually submit to the NMLSR, by the date and in the form required by the NMLSR, an annual report of condition, which must contain any information required by the NMLSR. In addition, no later than six months after the end of a fiscal year, each mortgage banker or mortgage broker must annually submit a copy of an audit of the mortgage banker's or mortgage broker's operations during the prior fiscal year. The audit must be conducted by an independent certified public accountant (CPA) in accordance with generally accepted auditing standards. The financial statements in the audit report must be prepared in accordance with generally accepted accounting principles (GAAP). The division may also request a mortgage banker or mortgage broker to obtain an audit of the mortgage banker's or mortgage broker's operations if the division has reason to believe that the mortgage banker or mortgage broker may not have sufficient financial resources to meet its obligations.
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This bill eliminates the annual audit requirement for a mortgage broker that employed five or fewer employees and had less than $750,000 in gross revenues in the prior fiscal year (small mortgage broker). The bill instead requires that a small mortgage broker annually submit a prepared financial statement of the small mortgage broker's operations for the prior fiscal year. This financial statement must be prepared by an independent CPA in accordance with GAAP. An officer of the small mortgage broker must also attest in writing and certify that the financial statement is complete and accurate.
Who's behind it
Dave Hansen, a Democrat, is its .
See all the details Hide the names
Author (1)
- Dave Hansen · Democrat, Senate
What it would cost
State agencies filed a . Each opens as a PDF from the Legislature.
What happened
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Apr 8, 2014
The session ended, and the bill died with it.
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Jan 2, 2014
A state agency sent in its estimate of the cost.
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Dec 16, 2013
Sent to the Senate Committee on Insurance and Housing.
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Dec 16, 2013
Introduced in the Senate.
See the official record, word for word Hide the official record
- Dec 16, 2013 · Senate
Introduced by Senator Hansen
- Dec 16, 2013 · Senate
Read first time and referred to Committee on Insurance and Housing
- Jan 2, 2014 · Senate
Fiscal estimate received
- Apr 8, 2014 · Senate
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
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. 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
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate