SB62, s. 597 22Section 597. 224.72 (1) (a) of the statutes is renumbered 224.71 (9) and
23amended to read:
SB62,254,224 224.71 (9) "Net worth" means total tangible assets less total liabilities of a
25person, or, if the person is a natural person an individual, total tangible assets less

1total liabilities exclusive of the person's principal residence and its furnishings and
2personal use vehicles.
SB62, s. 598 3Section 598. 224.72 (1) (b) of the statutes is repealed.
SB62, s. 599 4Section 599. 224.72 (1m) of the statutes is amended to read:
SB62,254,105 224.72 (1m) Registration License required. A person may not conduct
6business or
act as a mortgage banker, loan originator or mortgage broker, use the title
7"mortgage banker", "loan originator" or "mortgage broker",," or advertise or
8otherwise portray himself or, herself , or itself as a mortgage banker, loan originator
9or mortgage broker, unless the person has been issued a certificate of registration
10from
mortgage banker or mortgage broker license by the division.
SB62, s. 600 11Section 600. 224.72 (2) (title) of the statutes is repealed and recreated to read:
SB62,254,1212 224.72 (2) (title) License applications.
SB62, s. 601 13Section 601. 224.72 (2) (intro.) of the statutes is renumbered 224.72 (2) (am)
14and amended to read:
SB62,254,2215 224.72 (2) (am) A person desiring to act as Applicants for a mortgage banker,
16loan originator
or mortgage broker license shall apply for a certificate of registration
17to the division, on forms and in the manner prescribed by the division, and shall pay
18the fee specified in rules promulgated under sub. (8). An application shall satisfy all
19of the following:
Forms prescribed by the division under this paragraph may contain
20any content or requirement that the division, in its discretion, determines necessary
21and these forms may be modified or updated as necessary by the division to carry out
22the purposes of this subchapter.
SB62, s. 602 23Section 602. 224.72 (2) (a) and (b) of the statutes are repealed.
SB62, s. 603 24Section 603. 224.72 (2) (c) (title) of the statutes is repealed.
SB62, s. 604 25Section 604. 224.72 (2) (d) of the statutes is amended to read:
SB62,255,6
1224.72 (2) (d) Social security number exceptions. 1. If an applicant who is an
2individual does not have a social security number, the applicant, as a condition of
3applying for or applying to renew a registration license under this section, shall
4submit a statement made or subscribed under oath or affirmation to the division that
5the applicant does not have a social security number. The form of the statement shall
6be prescribed by the department of children and families.
SB62,255,87 2. Any certificate of registration license issued or renewed in reliance upon a
8false statement submitted by an applicant under subd. 1. is invalid.
SB62, s. 605 9Section 605. 224.72 (2m) of the statutes is created to read:
SB62,255,1210 224.72 (2m) Licensed offices. Each mortgage banker or mortgage broker shall
11obtain and maintain a license for its principal office and a separate license for each
12branch office.
SB62, s. 606 13Section 606. 224.72 (3) (title) of the statutes is repealed.
SB62, s. 607 14Section 607. 224.72 (3) (a) of the statutes is renumbered 224.725 (2) (d) and
15amended to read:
SB62,255,1916 224.725 (2) (d) In addition to the requirements of sub. (2), an Any applicant for
17registration as a residential mortgage loan originator license shall include in the
18application the name of the mortgage banker or mortgage broker who will employ
19the residential mortgage loan originator.
SB62, s. 608 20Section 608. 224.72 (3) (b) and (c) of the statutes are repealed.
SB62, s. 609 21Section 609. 224.72 (4) (title) of the statutes is amended to read:
SB62,255,2322 224.72 (4) (title) Additional requirement for mortgage banker applicant
23requirements.
SB62, s. 610 24Section 610. 224.72 (4) (a) (intro.) of the statutes is amended to read:
SB62,256,3
1224.72 (4) (a) With a bona fide office. (intro.) In addition to the requirements
2of sub. (2), an applicant for registration as a mortgage banker who maintains a bona
3fide office
or mortgage broker license shall do at least one all of the following:
SB62, s. 611 4Section 611. 224.72 (4) (a) 1. of the statutes is repealed.
SB62, s. 612 5Section 612. 224.72 (4) (a) 2. of the statutes is amended to read:
SB62,256,146 224.72 (4) (a) 2. `File a bond.' File with the division a commercial surety bond
7which is in the amount of $25,000 $300,000 for a mortgage banker or $120,000 for
8a mortgage broker
, is issued by a surety company authorized to do business in this
9state, secures the applicant's faithful performance of all duties and obligations of a
10mortgage banker or mortgage broker, is payable to the division for the benefit of
11persons to whom the mortgage banker or mortgage broker provided services as a
12mortgage banker or mortgage broker, is issued on a form that is acceptable to the
13division and provides that the bond may not be terminated without at least 30 days'
14written notice to the division.
SB62, s. 613 15Section 613. 224.72 (4) (a) 3. of the statutes is repealed.
SB62, s. 614 16Section 614. 224.72 (4) (a) 4. of the statutes is amended to read:
SB62,256,2417 224.72 (4) (a) 4. `Minimum net worth.' Submit evidence that establishes, to the
18division's satisfaction, a minimum net worth of $25,000 and a warehouse line of
19credit of not less than $250,000 or a minimum net worth of $100,000
$250,000 for a
20mortgage banker or $100,000 for a mortgage broker
. Evidence of net worth shall
21include the submission of a balance sheet that is recent financial statements
22accompanied by a written statement by an independent certified public accountant
23attesting that he or she has reviewed the balance sheet financial statements in
24accordance with generally accepted accounting principles.
SB62, s. 615 25Section 615. 224.72 (4) (d) of the statutes is repealed.
SB62, s. 616
1Section 616. 224.72 (4m) of the statutes is repealed.
SB62, s. 617 2Section 617. 224.72 (4n) (intro.) of the statutes is amended to read:
SB62,257,63 224.72 (4n) Security held by the division; release. (intro.) The division or its
4agent shall hold security filed under subs. (4) (a) 3. and (4m) (a) 2. s. 224.72 (4) (a)
53., 2007 stats., and s. 224.72 (4m) (a) 2., 2007 stats.
The security shall remain in
6effect, and the division may not release it, until all of the following conditions are met:
SB62, s. 618 7Section 618. 224.72 (4n) (a) 2. of the statutes is amended to read:
SB62,257,98 224.72 (4n) (a) 2. The date on which the mortgage banker's or mortgage
9broker's registration license expires or is revoked.
SB62, s. 619 10Section 619. 224.72 (4r) of the statutes is repealed.
SB62, s. 620 11Section 620. 224.72 (5) (title) of the statutes is renumbered 224.72 (5m) (title)
12and amended to read:
SB62,257,1313 224.72 (5m) (title) Completion of registration licensing process.
SB62, s. 621 14Section 621. 224.72 (5) (a) of the statutes is renumbered 224.725 (3) (intro.)
15and amended to read:
SB62,257,2216 224.725 (3) Loan originator Issuance of license. (intro.) Except as provided
17in sub. (7m) (6), upon receiving a properly completed the filing of an application for
18registration as a mortgage loan originator and license and the payment of the fee
19specified in rules promulgated under sub. (8) and upon an applicant's compliance
20with sub. (3) (a) and, if required, sub. (3) (b)
, the division may issue to the applicant
21a certificate of registration as a mortgage loan originator. license if the division finds
22that all of the following apply:
SB62, s. 622 23Section 622. 224.72 (5) (b) of the statutes is renumbered 224.72 (5m) and
24amended to read:
SB62,258,14
1224.72 (5m) Mortgage banker and mortgage broker. Except as provided in sub.
2(7m), upon receiving a properly completed the filing of an application for registration
3as
a mortgage banker or a mortgage broker, license and the payment of the fee
4specified in rules promulgated under sub. (8) and satisfactory evidence of compliance
5with subs. (4) and (4m)
, the division may shall make an investigation of the applicant
6including, if the applicant is a partnership, limited liability company, association, or
7corporation, the members or officers and directors, respectively, of the applicant. If
8the division finds that the character, general fitness, and financial responsibility of
9the applicant, including its members or officers and directors if the applicant is a
10partnership, limited liability company, association, or corporation, warrant the
11belief that the business will be operated in compliance with this subchapter, the
12division shall
issue to the applicant a certificate of registration as a mortgage banker
13or mortgage broker license. A mortgage banker or mortgage broker license is not
14assignable or transferable
.
SB62, s. 623 15Section 623. 224.72 (7) (title) of the statutes is repealed and recreated to read:
SB62,258,1616 224.72 (7) (title) License renewal.
SB62, s. 624 17Section 624. 224.72 (7) (a) of the statutes is renumbered 224.72 (7) (am) and
18amended to read:
SB62,259,219 224.72 (7) (am) A loan originator, mortgage broker or mortgage banker shall
20may apply to renew a certificate of registration license issued under this section by
21timely submitting to, on forms and in the manner prescribed by the division, a
22completed renewal application and the all required renewal fee specified in rules
23promulgated under sub. (8) on or before the renewal date specified in rules
24promulgated under sub. (8)
fees. The division may not renew a license issued under

1this section unless the division finds that the mortgage broker or mortgage banker
2continues to meet the minimum standards for license issuance under this section
.
SB62, s. 625 3Section 625. 224.72 (7) (b) of the statutes is repealed.
SB62, s. 626 4Section 626. 224.72 (7) (bm) of the statutes is created to read:
SB62,259,85 224.72 (7) (bm) The license of a mortgage broker or mortgage banker who fails
6to satisfy the minimum standards for license renewal shall expire. The division may,
7by rule, provide for the reinstatement of expired licenses consistent with the
8standards established by the nationwide mortgage licensing system and registry.
SB62, s. 627 9Section 627. 224.72 (7) (c), (d) and (e) of the statutes are repealed.
SB62, s. 628 10Section 628. 224.72 (7m) (intro.) of the statutes is amended to read:
SB62,259,1311 224.72 (7m) Denial of application for issuance or renewal of registration
12certain reasons. (intro.) The division may not issue or renew a certificate of
13registration
license under this section if any of the following applies:
SB62, s. 629 14Section 629. 224.72 (7m) (am) of the statutes is repealed.
SB62, s. 630 15Section 630. 224.72 (7m) (b) of the statutes is amended to read:
SB62,259,2116 224.72 (7m) (b) The department of revenue has certified under s. 73.0301 that
17the applicant is liable for delinquent taxes. An applicant whose application for
18issuance or renewal of a certificate of registration license is denied under this
19paragraph for delinquent taxes is entitled to a notice under s. 73.0301 (2) (b) 1. b. and
20hearing under s. 73.0301 (5) (a) but is not entitled to any other notice or hearing
21under this section.
SB62, s. 631 22Section 631. 224.72 (7m) (c) of the statutes is amended to read:
SB62,260,723 224.72 (7m) (c) The applicant for the issuance or renewal is an individual who
24fails to comply, after appropriate notice, with a subpoena or warrant issued by the
25department of children and families or a county child support agency under s. 59.53

1(5) and related to paternity or child support proceedings or who is delinquent in
2making court-ordered payments of child or family support, maintenance, birth
3expenses, medical expenses or other expenses related to the support of a child or
4former spouse, as provided in a memorandum of understanding entered into under
5s. 49.857. An applicant whose registration license is not issued or renewed under this
6paragraph for delinquent payments is entitled to a notice and hearing under s.
749.857 but is not entitled to any other notice or hearing under this section.
SB62, s. 632 8Section 632. 224.72 (7p) of the statutes is repealed.
SB62, s. 633 9Section 633. 224.72 (8) of the statutes is amended to read:
SB62,260,1210 224.72 (8) Registration License period; fees. The division shall promulgate
11rules establishing the registration license period and the registration license fees for
12loan originators, mortgage bankers and mortgage brokers.
SB62, s. 634 13Section 634. 224.725 of the statutes is created to read:
SB62,260,21 14224.725 Licensing of mortgage loan originators. (1) License required.
15Except as provided in s. 224.726, an individual may not engage in the business of a
16mortgage loan originator with respect to a residential mortgage loan, or use the title
17"mortgage loan originator," advertise, or otherwise portray himself or herself as a
18mortgage loan originator in this state, unless the individual has been issued by the
19division, and thereafter maintains, a license under this section. Each licensed
20mortgage loan originator shall register with, and maintain a valid unique identifier
21issued by, the nationwide mortgage licensing system and registry.
SB62,261,4 22(2) License applications. (a) Applicants for a mortgage loan originator license
23shall apply to the division, on forms and in the manner prescribed by the division,
24and shall pay the fee specified in rules promulgated under sub. (8). The division shall
25require mortgage loan originators to be licensed and registered through the

1nationwide mortgage licensing system and registry. Forms prescribed by the
2division under this paragraph may contain any content or requirement that the
3division, in its discretion, determines necessary and these forms may be modified or
4updated as necessary by the division to carry out the purposes of this subchapter.
SB62,261,75 (b) 1. Except as provided in subd. 2., an application shall include the
6individual's social security number. The division may not disclose the individual's
7social security number to any person except as follows:
SB62,261,98 a. The division may disclose the social security number to the department of
9revenue for the sole purpose of requesting certifications under s. 73.0301.
SB62,261,1210 b. The division may disclose the social security number to the department of
11children and families in accordance with a memorandum of understanding under s.
1249.857.
SB62,261,1913 2. If an individual does not have a social security number, the individual, as a
14condition of applying for, or applying to renew, a license under this section, shall
15submit a statement made or subscribed under oath or affirmation to the division that
16the individual does not have a social security number. The form of the statement
17shall be prescribed by the department of children and families. Any license issued
18or renewed in reliance upon a false statement submitted by an applicant under this
19subdivision is invalid.
SB62,261,2220 (c) Any applicant for a license under this section shall furnish to the nationwide
21mortgage licensing system and registry information concerning the applicant's
22identity, including all of the following:
SB62,261,2523 1. Fingerprints for submission to the federal bureau of investigation and to any
24governmental agency or entity authorized to receive this information, for purposes
25of a state, national, and international criminal history background check.
SB62,262,4
12. Personal history and experience in a form prescribed by the nationwide
2mortgage licensing system and registry, including the submission of authorization
3for the nationwide mortgage licensing system and registry and the division to obtain
4all of the following:
SB62,262,65 a. An independent credit report from a consumer reporting agency, as defined
6in s. 100.54 (1) (c).
SB62,262,87 b. Any information related to any administrative, civil, or criminal findings by
8any governmental jurisdiction.
SB62,262,11 9(3) (a) The applicant has never had a mortgage loan originator license revoked
10in any governmental jurisdiction, unless the revocation was subsequently and
11formally vacated.
SB62,262,1712 (b) The applicant has not been convicted of, or pled guilty or no contest to, a
13felony in a domestic, foreign, or military court during the 7-year period preceding the
14date of the application or, for a felony involving an act of fraud, dishonesty, breach
15of trust, or money laundering, at any time preceding the date of the application. This
16paragraph does not apply with respect to any conviction for which the applicant has
17received a pardon.
SB62,263,218 (c) The applicant has demonstrated financial responsibility, character, and
19general fitness such as to command the confidence of the community and to warrant
20a determination that the mortgage loan originator will operate honestly, fairly, and
21efficiently within the purposes of this subchapter. For purposes of this paragraph,
22an individual has shown that he or she is not financially responsible if he or she has
23shown a disregard in the management of his or her own financial condition, including
24having current outstanding judgments other than those resulting from medical
25expenses, having current outstanding tax liens or other government liens and

1filings, or having, within the past 3 years, foreclosures or any pattern of seriously
2delinquent accounts.
SB62,263,33 (d) The applicant has satisfied the education requirements under s. 224.755 (1).
SB62,263,54 (e) The applicant has passed a written test that meets the requirements under
5s. 224.755 (4).
SB62,263,66 (f) The applicant has met the surety bond requirement under sub. (4).
SB62,263,12 7(4) Surety bond. (a) Each mortgage loan originator shall be covered by a surety
8bond in accordance with this subsection. A surety bond of a mortgage banker or
9mortgage broker meeting the requirements of par. (b) and s. 224.72 (4) (a) 2. may
10satisfy the requirement under this paragraph for a mortgage loan originator who,
11under sub. (2) (d), identifies himself or herself as employed by the mortgage banker
12or mortgage broker.
SB62,263,1513 (b) The penal sum of the surety bond shall provide coverage for each mortgage
14loan originator in an amount that reflects the dollar amount of residential mortgage
15loans originated by the mortgage loan originator, as determined by the division.
SB62,263,1716 (c) The surety bond shall be in a form prescribed, and satisfy all requirements
17established, by rule of the division.
SB62,263,2118 (d) When an action is commenced on a mortgage loan originator's surety bond,
19the division may require the filing of a new surety bond. If an action results in
20recovery on a mortgage loan originator's surety bond, the mortgage loan originator
21shall immediately file a new surety bond.
SB62,264,2 22(5) License renewal. (a) A mortgage loan originator may apply to renew a
23license issued under this section by timely submitting, on forms and in the manner
24prescribed by the division, a completed renewal application and all required renewal

1fees. The division may not renew a license issued under this section unless the
2division finds that all of the following apply:
SB62,264,43 1. The mortgage loan originator continues to meet the minimum standards for
4license issuance under sub. (3).
SB62,264,65 2. The mortgage loan originator has satisfied the annual continuing education
6requirements under s. 224.755 (2).
SB62,264,107 (b) The license of a mortgage loan originator who fails to satisfy the minimum
8standards for license renewal shall expire. The division may, by rule, provide for the
9reinstatement of expired licenses consistent with the standards established by the
10nationwide mortgage licensing system and registry.
SB62,264,12 11(6) Denial of application for certain reasons. The division may not issue or
12renew a license under this section if any of the following applies:
SB62,264,1413 (a) The applicant for the issuance or renewal has failed to provide the
14information required under sub. (2) (b).
Loading...
Loading...