2009 WISCONSIN ACT 386
An Act to amend 224.725 (3) (c) of the statutes; relating to: qualifications of mortgage loan originators.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
224.725 (3) (c) The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this subchapter. For purposes of this paragraph, an individual has shown that he or she is not financially responsible if he or she has shown a disregard in the management of his or her own financial condition, including having. In making a finding related to an applicant's financial responsibility for purposes of this paragraph, the division may consider whether the applicant has current outstanding judgments other than those resulting from medical expenses, having has current outstanding tax liens or other government liens and filings, or having has, within the past 3 years, foreclosures or any pattern of seriously delinquent accounts.
(1) This act first applies to applications received on the effective date of this subsection.