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Bills · 2025-2026 Regular Session

SB 315

Vetoed Official bill text Atom feed

Relating to: the minimum net worth requirement for licensed mortgage brokers.

Banking division of Mortgage

  1. Introduced, completed
  2. Passes Senate, completed
  3. Passes Assembly, stopped here
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

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.

Sponsors

Introduced by: Kapenga (R) , Stafsholt (R)

8 cosponsors

Brooks (R) , Franklin (R) , Goodwin (D) , Green (R) , Knodl (R) , Kreibich (R) , O'Connor (R) , Piwowarczyk (R)

Registered lobbying interests · 4

Organizations that registered lobbying activity on this bill with the Wisconsin Ethics Commission. Registration means interest, not a position for or against. Official record

Votes

Senate: Report passage recommended by Committee on Financial Institutions and Sporting Heritage, Ayes 3, Noes 2

Passed 3–2 Sep 23, 2025 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Full history

  1. Jun 6, 2025 · Senate

    Introduced by Senators Stafsholt and Kapenga; cosponsored by Representatives Brooks, Franklin, Goodwin, Green, Knodl, Kreibich, O'Connor and Piwowarczyk

  2. Jun 6, 2025 · Senate

    Read first time and referred to Committee on Financial Institutions and Sporting Heritage

  3. Sep 16, 2025 · Senate

    Public hearing held

  4. Sep 23, 2025 · Senate

    Executive action taken

  5. Sep 23, 2025 · Senate

    Report passage recommended by Committee on Financial Institutions and Sporting Heritage, Ayes 3, Noes 2

  6. Sep 23, 2025 · Senate

    Available for scheduling

  7. Oct 13, 2025 · Senate

    Placed on calendar 10-14-2025 pursuant to Senate Rule 18(1)

  8. Oct 14, 2025 · Senate

    Read a third time and passed

  9. Oct 14, 2025 · Senate

    Ordered immediately messaged

  10. Oct 14, 2025 · Assembly

    Received from Senate

  11. Oct 14, 2025 · Senate

    Read a second time

  12. Oct 14, 2025 · Senate

    Ordered to a third reading

  13. Oct 14, 2025 · Senate

    Rules suspended to give bill its third reading

  14. Jan 7, 2026 · Assembly

    Read first time and referred to committee on Rules

  15. Jan 8, 2026 · Assembly

    Placed on calendar 1-13-2026 by Committee on Rules

  16. Jan 13, 2026 · Assembly

    Rules suspended to withdraw from calendar and take up

  17. Jan 13, 2026 · Assembly

    Representative Stubbs added as a cosponsor

  18. Jan 13, 2026 · Assembly

    Read a second time

  19. Jan 13, 2026 · Assembly

    Ordered to a third reading

  20. Jan 13, 2026 · Assembly

    Rules suspended

  21. Jan 13, 2026 · Assembly

    Read a third time and concurred in

  22. Jan 13, 2026 · Assembly

    Ordered immediately messaged

  23. Jan 14, 2026 · Senate

    Received from Assembly concurred in

  24. Jan 15, 2026 · Senate

    Representative Stubbs withdrawn as a cosponsor

  25. Jan 15, 2026 · Senate

    Report correctly enrolled

  26. Mar 18, 2026 · Senate

    Presented to the Governor on 3-18-2026

  27. Mar 20, 2026 · Senate

    Report vetoed by the Governor on 3-20-2026

  28. May 12, 2026 · Senate

    Placed on calendar 5-12-2026 pursuant to Joint Rule 82 (2)(a)

  29. May 13, 2026 · Senate

    Failed to pass notwithstanding the objections of the Governor pursuant to Joint Rule 82