Senate Bill 315
The minimum net worth requirement for licensed mortgage brokers
Topics: Banking, Division of, Mortgage
Vetoed by the governor
Both chambers passed it, and the governor vetoed it on Mar 20, 2026. Lawmakers did not , so it stands.
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Introduced, passed
Jun 6, 2025
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Committee, passed
Approved
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Senate vote, passed
Passed Oct 14, 2025
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Assembly vote, passed
Passed Jan 13, 2026
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Governor, stopped here
Vetoed Mar 20, 2026.
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Law, not reached
Latest entry in the official record, May 13, 2026: “Failed to pass notwithstanding the objections of the Governor pursuant to Joint Rule 82”
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The same bill was also filed in the Assembly as AB 313. That version died when the session ended.
Terms on this page
Veto override
Lawmakers can still pass a bill the governor vetoed, but it takes two-thirds of each chamber.
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
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 broker unless the person is licensed by the Division of Banking in the Department of Financial Institutions. A mortgage broker is a person who, among other activities, assists others, for compensation, in obtaining or applying for loans but does not make underwriting decisions or close loans. Currently, an applicant for a mortgage broker license must, among other things, submit evidence of a minimum net worth of $100,000. This bill repeals the minimum net worth requirement for mortgage broker licensure.
Who's behind it
2 senators are its . All 2 are Republicans.
8 more lawmakers .
See all 10 names Hide the names
Authors (2)
- Chris Kapenga · Republican, Senate
- Rob Stafsholt · Republican, Senate
Signed on in support (8)
- Rob Brooks · Republican, Assembly
- Ben Franklin · Republican, Assembly
- Russell Goodwin · Democrat, Assembly
- Chanz Green · Republican, Assembly
- Dan Knodl · Republican, Assembly
- Rob Kreibich · Republican, Assembly
- Jerry O'Connor · Republican, Assembly
- Jim Piwowarczyk · Republican, Assembly
How lawmakers voted
There was one vote on this bill.
Senate Committee on Financial Institutions and Sporting Heritage vote to recommend it
Passed, 3 to 2 · Sep 23, 2025
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 and Sporting Heritage, Ayes 3, Noes 2”. Official record · This vote on its own page
What happened
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May 13, 2026
The veto stood. Lawmakers didn't override it.
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Mar 20, 2026
The governor vetoed it.
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Mar 18, 2026
Sent to the governor.
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Jan 13, 2026
The Assembly passed it too.
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Jan 13, 2026
1 more representative signed on in support.
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Jan 7, 2026
Sent to the Assembly Committee on Rules.
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Oct 14, 2025
The Assembly received it.
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Oct 14, 2025
The Senate passed it.
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Sep 23, 2025
The committee voted to recommend passing it, 3 to 2.
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Sep 16, 2025
The committee held a public hearing.
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Jun 6, 2025
Sent to the Senate Committee on Financial Institutions and Sporting Heritage.
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Jun 6, 2025
Introduced in the Senate.
See the official record, word for word Hide the official record
- Jun 6, 2025 · Senate
Introduced by Senators Stafsholt and Kapenga; cosponsored by Representatives Brooks, Franklin, Goodwin, Green, Knodl, Kreibich, O'Connor and Piwowarczyk
- Jun 6, 2025 · Senate
Read first time and referred to Committee on Financial Institutions and Sporting Heritage
- Sep 16, 2025 · Senate
Public hearing held
- Sep 23, 2025 · Senate
Executive action taken
- Sep 23, 2025 · Senate
Report passage recommended by Committee on Financial Institutions and Sporting Heritage, Ayes 3, Noes 2
- Sep 23, 2025 · Senate
Available for scheduling
- Oct 13, 2025 · Senate
Placed on calendar 10-14-2025 pursuant to Senate Rule 18(1)
- Oct 14, 2025 · Senate
Read a second time
- Oct 14, 2025 · Senate
Ordered to a third reading
- Oct 14, 2025 · Senate
Rules suspended to give bill its third reading
- Oct 14, 2025 · Senate
Read a third time and passed
- Oct 14, 2025 · Senate
Ordered immediately messaged
- Oct 14, 2025 · Assembly
Received from Senate
- Jan 7, 2026 · Assembly
Read first time and referred to committee on Rules
- Jan 8, 2026 · Assembly
Placed on calendar 1-13-2026 by Committee on Rules
- Jan 13, 2026 · Assembly
Rules suspended to withdraw from calendar and take up
- Jan 13, 2026 · Assembly
Representative Stubbs added as a cosponsor
- Jan 13, 2026 · Assembly
Read a second time
- Jan 13, 2026 · Assembly
Ordered to a third reading
- Jan 13, 2026 · Assembly
Rules suspended
- Jan 13, 2026 · Assembly
Read a third time and concurred in
- Jan 13, 2026 · Assembly
Ordered immediately messaged
- Jan 14, 2026 · Senate
Received from Assembly concurred in
- Jan 15, 2026 · Senate
Representative Stubbs withdrawn as a cosponsor
- Jan 15, 2026 · Senate
Report correctly enrolled
- Mar 18, 2026 · Senate
Presented to the Governor on 3-18-2026
- Mar 20, 2026 · Senate
Report vetoed by the Governor on 3-20-2026
- May 12, 2026 · Senate
Placed on calendar 5-12-2026 pursuant to Joint Rule 82 (2)(a)
- May 13, 2026 · Senate
Failed to pass notwithstanding the objections of the Governor pursuant to Joint Rule 82
Terms on this page
Veto override
Lawmakers can still pass a bill the governor vetoed, but it takes two-thirds of each chamber.
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
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
Veto override
Lawmakers can still pass a bill the governor vetoed, but it takes two-thirds of each chamber.
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
Roll call
A vote where each lawmaker's yes or no is recorded by name.
Official term: Roll call vote