LRB-2636/1
ARG:jld:jf
2013 - 2014 LEGISLATURE
September 13, 2013 - Introduced by Representatives Goyke, Young, Bernard
Schaber, Sinicki, Berceau, Kahl, Jorgensen, Ohnstad, Hebl, Milroy and
Sargent. Referred to Committee on Financial Institutions.
AB363,1,2
1An Act to repeal 138.052 (13) of the statutes;
relating to: regulation by local
2ordinance of residential mortgage loans.
Analysis by the Legislative Reference Bureau
Under current law, as created in
2013 Wisconsin Act 20, no local governmental
unit, other than the city of Milwaukee, may enact an ordinance that does any of the
following: 1) imposes any fee or tax on any financial institution in connection with
servicing, or enforcing the terms of, a first-lien residential mortgage loan (loan); 2)
delays any financial institution in enforcing the terms of a loan; 3) affects any
financial institution's servicing, or enforcement of the terms of, a loan; or 4) regulates
any financial institution with respect to the lending practices or financial services
of the financial institution as it relates to loans.
This bill repeals this local ordinance prohibition.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
