SB 315 Wisconsin Senate · 2025-2026 Regular Session

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

SB 315 raises the minimum net worth requirement for mortgage bankers from $100,000 to $250,000, while maintaining the $100,000 requirement for mortgage brokers. The bill requires mortgage bankers to submit audited financial statements and a CPA-certified statement verifying their net worth, ensuring financial stability. This change directly affects licensed mortgage bankers who must now meet the higher threshold, though mortgage brokers remain subject to the existing lower requirement. The legislation aims to strengthen financial oversight for mortgage bankers through standardized, independently verified financial documentation.

Bill status vetoed 4 of 5 stages cleared

Introduction

Jun 2025

Committee Review

Jan 2026

Senate Passage

Oct 2025

Assembly Passage

Jan 2026

Vetoed

Mar 2026

Introduced Jun 6, 2025 Vetoed Mar 20, 2026

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What changed between versions

Bill Text → Text as Enrolled · 3 edits

MINOR

This bill repeals the minimum net worth requirement for mortgage broker licensure in Wisconsin. While the text for mortgage bankers remains at $250,000, the specific financial statement requirements previously mandated for mortgage brokers are removed, effectively eliminating the net worth barrier for that role.

Scope change

The bill narrows the financial requirements for becoming a licensed mortgage broker by removing the net worth threshold, while maintaining the requirement for mortgage bankers.

REQUIREMENT

The minimum net worth requirement of $100,000 for mortgage brokers has been deleted from the statute.

The requirement for mortgage brokers to submit financial statements reviewed by an independent certified public accountant has been removed.

The statutory text was updated to clarify that the financial statement review requirement does not apply to mortgage brokers, while retaining it for mortgage bankers.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 20, 2026

Vetoed

Report vetoed by the Governor on 3-20-2026

upper

Jan 13, 2026

Lower · Passed

Read a third time and concurred in

lower

Jan 8, 2026

Lower · Passed

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

lower

Oct 14, 2025

Upper · Passed

Read a third time and passed

upper

Sep 23, 2025

Upper · Passed

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

upper

Jun 6, 2025

Introduced

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

upper

2 primary · 0 co-sponsors