Assembly

Record of Committee Proceedings

Committee on Financial Institutions

Assembly Bill 678

Relating to: the regulation of mortgage loan originators, mortgage brokers, and mortgage bankers.

By Representatives Weininger, Craig, Sanfelippo, Kahl, Richards, Steineke, Murphy, Goyke, Knodl and Ballweg; cosponsored by Senators Lasee and Schultz.

January 27, 2014         Referred to Committee on Financial Institutions

January 29, 2014         Public Hearing Held

Present:       (13)      Representative Craig; Representatives Kapenga, Stroebel, Sanfelippo, Kramer, Kaufert, Marklein, Weininger, Born, Hintz, Zepnick, Genrich and Sargent.

Absent:       (0)        None.

Excused:     (2)        Representatives Young and Richards.

Appearances For

·      Roger Bainbridge - State Farm

·      Chris Green - Department of Financial Institutions

·      Mike Mach - Department of Financial Institutions

·      Georgia Maxwell - Department of Financial Institutions

·      Jean Plale - Department of Financial Institutions

·      Joseph and Debra Sule - Self

·      Rep. Chad Weininger - Wisconsin State Assembly

Appearances Against

·      None.

Appearances for Information Only

·      None.

Registrations For

·      Jennifer Gonda - City of Milwaukee

·      Tom Larson - Wisconsin Realtors Assoc.

·      Sen. Frank Lasee – Wisconsin State Senate

·      Eric Peterson - Milwaukee County Executive Chris Abele

Registrations Against

·      None.

Registrations for Information Only

·      None.

February 04, 2014       Executive Session Held

Present:       (15)      Representative Craig; Representatives Kapenga, Stroebel, Sanfelippo, Kramer, Kaufert, Marklein, Weininger, Born, Hintz, Zepnick, Young, Richards, Genrich and Sargent.

Absent:       (0)        None.

Excused:     (0)        None.

Moved by Representative Weininger, seconded by Representative Kapenga that Assembly Amendment 1 be recommended for adoption.

Ayes:     (13)   Representative Craig; Representatives Kapenga, Stroebel, Sanfelippo, Kaufert, Marklein, Weininger, Born, Zepnick, Young, Richards, Genrich and Sargent.

Noes:     (0)     None.

Absent:  (2)     Representatives Kramer and Hintz.

ASSEMBLY AMENDMENT 1 ADOPTION RECOMMENDED, Ayes 13, Noes 0

Moved by Representative Stroebel, seconded by Representative Kapenga that Assembly Amendment 2 be recommended for adoption.

Ayes:     (7)     Representative Craig; Representatives Kapenga, Stroebel, Sanfelippo, Marklein, Weininger and Born.

Noes:     (6)     Representatives Kaufert, Zepnick, Young, Richards, Genrich and Sargent.

Absent:  (2)     Representatives Kramer and Hintz.

ASSEMBLY AMENDMENT 2 ADOPTION RECOMMENDED, Ayes 7, Noes 6

Moved by Representative Kapenga, seconded by Representative Weininger that Assembly Bill 678 be recommended for passage as amended.

Ayes:     (15)   Representative Craig; Representatives Kapenga, Stroebel, Sanfelippo, Kramer, Kaufert, Marklein, Weininger, Born, Hintz, Zepnick, Young, Richards, Genrich and Sargent.

Noes:     (0)     None.

PASSAGE AS AMENDED RECOMMENDED, Ayes 15, Noes 0

______________________________

Nathan Schacht

Committee Clerk