WisconsinProposal would remove mortgage brokers from a financial-proof rule
The failed proposal says mortgage brokers would not have to follow a paragraph that requires financial proof, including accountant-reviewed statements.
What it does
The proposed text says mortgage brokers are not covered by this paragraph’s financial-proof rule, which includes net worth amounts and accountant-reviewed statements.
Argument forMortgage brokers could avoid the cost and effort of submitting financial statements reviewed by an independent accountant.
Argument againstMortgage lenders and borrowers might have less information for judging brokers’ financial strength if brokers do not have to provide these statements.
More detail
The proposed text says this financial-proof rule does not apply to mortgage brokers. The paragraph lists net worth amounts for mortgage bankers and brokers, but then says the paragraph does not apply to mortgage brokers. The proposal failed to pass over the governor’s objections, so it did not become law.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 13Failed to pass notwithstanding the objections of the Governor pursuant to Joint Rule 82Latest
- May 12Placed on calendar 5-12-2026 pursuant to Joint Rule 82 (2)(a)
- Mar 20Report vetoed by the Governor Tony Evers on 3-20-2026Major
- Mar 18Presented to the Governor on 3-18-2026To Governor
- Jan 15Report correctly enrolledMinor
- Jan 15Representative Stubbs withdrawn as a cosponsorMajor
- Jan 14Received from Assembly concurred inMinor
- Jan 13Ordered immediately messaged
- Jan 13Read a third time and concurred inPassed House
- Jan 13Rules suspended
- Jan 13Ordered to a third readingMinor
- Jan 13Read a second timeMinor
- Jan 13Representative Stubbs added as a cosponsor
- Jan 13Rules suspended to withdraw from calendar and take upMajor
- Jan 8Placed on calendar 1-13-2026 by Committee on Rules
- Jan 7Read first time and referred to committee on RulesMinor
- 2025
- Oct 14Received from SenateMinor
- Oct 14Ordered immediately messaged
- Oct 14Read a third time and passedPassed Senate
- Oct 14Rules suspended to give bill its third reading
- Oct 14Ordered to a third readingMinor
- Oct 14Read a second timeMinor
- Oct 13Placed on calendar 10-14-2025 pursuant to Senate Rule 18(1)
- Sep 23Available for scheduling
- Vote recorded Report passage recommended by Committee on Financial Institutions and Sporting Heritage, Ayes 3, Noes 2. Result: pass.Upper
- Sep 23Report passage recommended by Committee on Financial Institutions and Sporting Heritage, Ayes 3, Noes 2Minor
- Sep 23Executive action taken
- Sep 16Public hearing held
- Jun 6Read first time and referred to Committee on Financial Institutions and Sporting HeritageMinor
- Jun 6Introduced by Senators Stafsholt and Kapenga; cosponsored by Representatives Brooks, Franklin, Goodwin, Green, Knodl, Kreibich, O'Connor and PiwowarczykIntroduced
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