Wisconsin 2025 Regular Session Status: To Executive 2 R cosponsors

SB 315 — An Act to amend 224.72 (4) (b) of the statutes;

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

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been sent to the executive. Introduced June 06, 2025. It awaits signature.

Vetoed by Governor Tony Evers (Democratic) on March 20, 2026.

Next likely step: the executive signs it into law or issues a veto.

Prognosis

Likely to advance 74% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • To Executive

    Current position in the legislative process.

  • 10 sponsors

    1 primary, 9 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 R).

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

In plain language

This bill removes the minimum net worth requirement for mortgage broker licensure.

Senate Bill 315 amends the law to eliminate the minimum net worth requirement of $100,000 for mortgage brokers. This change allows more individuals to apply for a mortgage broker license in Wisconsin.

What this means for you
  • Small Business: This may enable more small businesses and entrepreneurs to become licensed mortgage brokers without the financial hurdle of a net worth requirement.

Summary

An Act to amend 224.72 (4) (b) of the statutes;

Bill Text

What changed in the latest version

15 added · 32 removed

Plain-language change summary

The amendment to SB 315 eliminates the minimum net worth requirement for mortgage brokers, which previously stood at $100,000. This change allows more individuals to become licensed mortgage brokers, potentially increasing competition in the market. By removing the financial barrier, it could also lead to more options and lower costs for consumers seeking mortgage services.

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Latest
- 2026 LEGISLATURE LRB-3298/1 KRP:ajk&skw SENATE BILL 315 June 6, 2025 - Introduced by Senators TAFSHOLT and KAPENGA , cosponsored by Representatives BROOKS , FRANKLIN, G OODWIN , GREEN , KNODL , KREIBICH, O'CONNOR and P IWOWARCZYK .
Date of enactment:
Referred to Committee on Financial Institutions and Sporting Heritage.
Senate Bill 315 Date of publication*:
A N A CT to amend 224.72 (4) (b) of the statutes;
WISCONSIN ACT A N A CT to amend 224.72 (4) (b) of the statutes;
Analysis by the 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.
gage broker.
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.
Evidence of net worth shall include the The people of the state of Wisconsin, represented in sen- ate and assembly, do enact as follows:
Currently, an applicant for a mortgage broker license must, among other things, submit evidence of a minimum net worth of $100,000.
submission of recent financial statements accompanied S ECTION 1.
This bill repeals the minimum net worth requirement for mortgage broker licensure.
224.72 (4) (b) of the statutes is by a written statement by an independent certified pub- amended to read:
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
lic accountant attesting that he or she has reviewed the 224.72 (4) (b) Submit evidence that establishes, to financial statements in accordance with generally ac- the division’s satisfaction, a minimum net worth of cepted accounting principles.
SECTION 1.
This paragraph does not $250,000 for a mortgage banker or $100,000 for a mort- apply to a mortgage broker.
224.72 (4) (b) of the statutes is amended to read:
* Section 991.11,ISCONSINSTATUTES:
224.72 (4) (b) Submit evidence that establishes, to the division’s satisfaction, a minimum net worth of $250,000 for a mortgage banker or $100,000 for a mortgage - 2026 Legislature - 2 - LRB-3298/1 KRP:ajk&skw SENATE BILL 315 S ECTION 1 broker.
Effective date of acts.
Evidence of net worth shall include the submission of recent financial statements accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the financial statements in accordance with generally accepted accounting principles.
“Every act and every portion of an act enacted by the legislature over the gov- ernor's partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.”
This paragraph does not apply to a mortgage broker.
END )
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How this bill changes current law

1 change Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill repeals the minimum net worth requirement for mortgage broker licensure.

  • 224.72(4)(b)

    a minimum net worth of $100,000 for a mortgage broker.

    This change eliminates the financial barrier for becoming a licensed mortgage broker.

Action History

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

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

  3. Report vetoed by the Governor on 3-20-2026

  4. Presented to the Governor on 3-18-2026

  5. Report correctly enrolled

  6. Representative Stubbs withdrawn as a cosponsor

  7. Received from Assembly concurred in

  8. Ordered immediately messaged

  9. Read a third time and concurred in

  10. Rules suspended

  11. Ordered to a third reading

  12. Read a second time

  13. Representative Stubbs added as a cosponsor

  14. Rules suspended to withdraw from calendar and take up

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

  16. Read first time and referred to committee on Rules

  17. Received from Senate

  18. Ordered immediately messaged

  19. Read a third time and passed

  20. Rules suspended to give bill its third reading

  21. Ordered to a third reading

  22. Read a second time

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

  24. Available for scheduling

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

  26. Executive action taken

  27. Public hearing held

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

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

Sponsors

  • Brooks · Cosponsor
  • Franklin · Cosponsor
  • Goodwin · Cosponsor
  • Green · Cosponsor
  • Knodl · Cosponsor
  • Kreibich · Cosponsor
  • O'Connor · Cosponsor
  • Piwowarczyk · Cosponsor
  • Rob Stafsholt · Primary
  • Chris Kapenga · Cosponsor

Sponsorship breakdown

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1 sponsors · 9 co-sponsors · 122 not signed on

Sponsors (1)

Co-sponsors (9)

  • Brooks
  • Franklin
  • Goodwin
  • Green
  • Knodl
  • Kreibich
  • O'Connor
  • Piwowarczyk
  • Kapenga, Chris Republican

Not signed on (122)

122 members have not signed on to this bill.

Show all 122 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 315 do?
An Act to amend 224.72 (4) (b) of the statutes;
Who sponsors SB 315?
SB 315 is sponsored by Brooks, Franklin, Goodwin, Green, Knodl, Kreibich, O'Connor, Piwowarczyk, Stafsholt, Rob (Republican), and Kapenga, Chris (Republican).
What is the current status of SB 315?
This bill has been sent to the executive. Introduced June 06, 2025. It awaits signature.
Where can I track SB 315?
Track SB 315 free on One Click Politics — get push/email alerts when it moves.

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