AB678,59 8Section 59. 224.755 (4) (e) of the statutes is amended to read:
AB678,20,149 224.755 (4) (e) If an individual previously licensed as a mortgage loan
10originator fails to maintain a valid license for a period of 5 years or longer, not taking
11into account any time during which the individual is a registered loan originator,
the
12individual shall retake the test under par. (a). For purposes of determining the
135-year period, the division shall not consider any period during which the individual
14is exempt from licensing under s. 224.726 (1).
AB678,60 15Section 60. 224.77 (title) of the statutes is amended to read:
AB678,20,18 16224.77 (title) Prohibited acts and practices, and discipline, of mortgage
17bankers, mortgage loan originators,
and mortgage brokers, and registered
18entities
.
AB678,61 19Section 61. 224.77 (1) (intro.) of the statutes is amended to read:
AB678,20,2420 224.77 (1) Prohibited acts and practices. (intro.) No mortgage banker,
21mortgage loan originator, or mortgage broker, or, with respect to pars. (f), (fg), (g),
22(gd), and (gh), registered entity,
and no member, officer, director, principal, partner,
23trustee, or other agent of a mortgage banker or, mortgage broker, or registered entity
24may do any of the following:
AB678,62 25Section 62. 224.77 (1) (f) of the statutes is amended to read:
AB678,21,5
1224.77 (1) (f) Accept a commission, money, or other thing of value for
2performing an act as a mortgage loan originator unless the payment is from a the
3mortgage banker or, mortgage broker, or registered entity with whom the mortgage
4loan originator's license is associated, as identified in the records of the division at
5the time the act is performed.
AB678,63 6Section 63. 224.77 (1) (fg) of the statutes is amended to read:
AB678,21,117 224.77 (1) (fg) As a mortgage banker or , mortgage broker, or registered entity,
8pay a commission, money, or other thing of value to any person for performing an act
9as a mortgage loan originator unless the mortgage loan originator's license is
10associated with the mortgage banker or, mortgage broker, or registered entity in the
11records of the division at the time the act is performed.
AB678,64 12Section 64. 224.77 (1) (g) of the statutes is amended to read:
AB678,21,1713 224.77 (1) (g) As a mortgage loan originator, represent or attempt to represent
14a mortgage banker or, mortgage broker , or registered entity other than the mortgage
15banker or, mortgage broker, or registered entity with whom the mortgage loan
16originator's license was associated, as identified in the records of the division at the
17time the representation or attempted representation occurs.
AB678,65 18Section 65. 224.77 (1) (gd) of the statutes is amended to read:
AB678,21,2119 224.77 (1) (gd) As a mortgage banker or , mortgage broker, or registered entity,
20permit a person who is not licensed under this subchapter to act as a mortgage loan
21originator on behalf of the mortgage banker or, mortgage broker, or registered entity.
AB678,66 22Section 66. 224.77 (1) (gh) of the statutes is amended to read:
AB678,22,223 224.77 (1) (gh) As a mortgage banker or , mortgage broker, or registered entity,
24permit a person whose mortgage loan originator license is not associated in the
25records of the division with the mortgage banker or, mortgage broker, or registered

1entity
to act as a mortgage loan originator on behalf of the mortgage banker or,
2mortgage broker, or registered entity.
AB678,67 3Section 67. 224.77 (1) (sm) and (sq) of the statutes are created to read:
AB678,22,54 224.77 (1) (sm) As a mortgage loan originator, fail to identify his or her name
5and sign the mortgage loan application for a loan originated by him or her.
AB678,22,76 (sq) As a mortgage banker, mortgage broker, or mortgage loan originator, use
7any solicitation or advertisement to which any of the following applies:
AB678,22,98 1. The solicitation or advertisement misrepresents that the provider is, or is
9affiliated with, any governmental entity or other organization.
AB678,22,1310 2. The solicitation or advertisement misrepresents that the product is or relates
11to a government benefit, or is endorsed, sponsored by, or affiliated with any
12government or government-related program, including through the use of formats,
13symbols, or logos that resemble those of such entity, organization, or program.
AB678,22,1614 3. The solicitation or advertisement does not clearly and conspicuously identify
15the name of the mortgage broker or mortgage banker or, if a mortgage loan originator
16is sponsored by a registered entity, the registered entity.
AB678,68 17Section 68. 224.77 (2m) (a) 1. (intro.), a. and b. of the statutes are amended
18to read:
AB678,22,2419 224.77 (2m) (a) 1. (intro.) In addition to any other authority provided to the
20division under this subchapter, if the division finds that a mortgage banker,
21mortgage loan originator, or mortgage broker has violated any provision of this
22subchapter or any rule promulgated by the division under this subchapter, or a
23registered entity has violated any applicable provision of this subchapter,
the
24division may do any of the following:
AB678,23,2
1a. Deny any application for initial issuance or renewal of a license or
2registration
.
AB678,23,43 b. Revoke, suspend, limit, or condition any license of the mortgage banker,
4mortgage loan originator, or mortgage broker or registration of the registered entity.
AB678,69 5Section 69. 224.83 of the statutes is repealed.
AB678,70 6Section 70. 943.80 (2) of the statutes is amended to read:
AB678,23,177 943.80 (2) "Financial institution" means a bank, as defined in s. 214.01 (1) (c),
8a savings bank, as defined in s. 214.01 (1) (t), a savings and loan association, a trust
9company, a credit union, as defined in s. 186.01 (2), a mortgage banker, as defined
10in s. 224.71 (3) (a), or a mortgage broker, as defined in s. 224.71 (4) (a), whether
11chartered under the laws of this state, another state or territory, or under the laws
12of the United States; a company that controls, is controlled by, or is under common
13control with a bank, a savings bank, a savings and loan association, a trust company,
14a credit union, a mortgage banker, or a mortgage broker; or a person licensed under
15s. 138.09, other than a person who agrees for a fee to hold a check for a period of time
16before negotiating or presenting the check for payment and other than a pawnbroker,
17as defined in s. 138.10 (1) (a).
AB678,23,1818 (End)
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