224.72(7m)(c)
(c) The applicant for the issuance or renewal is an individual who fails to comply, after appropriate notice, with a subpoena or warrant issued by the department of children and families or a county child support agency under s.
59.53 (5) and related to paternity or child support proceedings or who is delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under s.
49.857. An applicant whose license is not issued or renewed under this paragraph for delinquent payments is entitled to a notice and hearing under s.
49.857 but is not entitled to any other notice or hearing under this section.
224.72(8)
(8) License period; fees. The division shall promulgate rules establishing the license period and the license fees for mortgage bankers and mortgage brokers.
224.72 History
History: 1987 a. 359;
1987 a. 403 ss.
182,
256; Stats. 1987 s. 440.72;
1989 a. 45;
1991 a. 39;
1993 a. 112;
1995 a. 27 ss.
6210,
6527m,
6528m,
6535m,
6591 to
6593; Stats. 1995 s. 224.72;
1995 a. 465;
1997 a. 27,
35,
145,
191,
237,
252;
1999 a. 9,
32;
2003 a. 260;
2007 a. 20;
2009 a. 2;
2013 a. 36;
2013 a. 360 ss.
11 to
15,
29 to
35.
224.72 Cross-reference
Cross-reference: See also chs.
DFI-Bkg 40 and
41, Wis. adm. code.
224.72 Annotation
Persons who received an ad in the mail or a post card offering services from a mortgage banker were not “provided services" and the surety had no liability to them. All Cities Privacy Class v. Hartford Fire Insurance Company,
2011 WI App 71,
333 Wis. 2d 483,
798 N.W.2d 909,
10-1738.
224.722
224.722
Registered entities. 224.722(1)(1)
A depository institution may apply for registered entity status with the division. The application shall be on forms and in the manner prescribed by the division and the applicant shall pay the same fee as that established by rule under s.
224.72 (8) for mortgage bankers. The application shall be accompanied by a commercial surety bond in the amount of $300,000 that is issued by a surety company authorized to do business in this state and is written on a form that is acceptable to the division.
224.722(2)
(2) Upon the filing of an application for registered entity status and the payment of the required fee, the division shall make an investigation of the applicant. If the application is complete, and the division has no concerns regarding the applicant's character, general fitness, or financial responsibility, the division shall register the applicant as a registered entity.
224.722(3)
(3) Each registered entity shall register with the division each branch office where a mortgage loan originator sponsored by the registered entity engages in business as a mortgage loan originator. Applications for branch office registration shall be made on forms and in the manner prescribed by the division and shall be accompanied by the same fee as that established by rule for branch offices of mortgage bankers.
224.722(5)
(5) A depository institution's registered entity status, and the registration of all of its registered branch offices, expires on December 31 of each year.
224.722(6)
(6) A registered entity may apply to renew its registered entity status, and the registration of all of its registered branch offices, by timely submitting, on forms and in the manner prescribed by the division, a completed renewal application for the registered entity and for each branch office, along with the applicable fee under sub.
(1) or
(3). The division may not renew registered entity status under this section unless the division finds that the registered entity continues to meet the minimum standards for registration under this section.
224.722(7)
(7) If a registered entity fails to satisfy the minimum standards for renewal of its registration, its registration shall expire. If a registered entity fails to satisfy any requirement under sub.
(6) for renewing its registration of a branch office, the registration for that branch office shall expire.
224.722(8)
(8) A registered entity shall cooperate with, and provide access to records and documents required by, the division to carry out examinations in accordance with s.
224.74 (2) of mortgage loan originators that are sponsored by the registered entity.
224.722 History
History: 2013 a. 360.
224.725
224.725
Licensing of mortgage loan originators. 224.725(1)(1)
License required. Except as provided in sub.
(1m), an individual may not regularly engage in the business of a mortgage loan originator with respect to a residential mortgage loan, or use the title “mortgage loan originator," advertise, or otherwise portray himself or herself as a mortgage loan originator in this state, unless the individual has been issued by the division, and thereafter maintains, a license under this section. Each licensed mortgage loan originator shall register with, and maintain a valid unique identifier issued by, the nationwide mortgage licensing system and registry.
224.725(1m)
(1m) License exemptions. The following individuals are not required to be licensed under this section:
224.725(1m)(b)
(b) An employee of a federal, state, or local government agency or housing finance agency who acts as a mortgage loan originator only pursuant to his or her official duties as an employee of the federal, state, or local government agency or housing finance agency.
224.725(1m)(c)
(c) An individual engaged solely as a loan processor or underwriter, unless the individual is an independent contractor or represents to the public, through advertising or another means of communication such as the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
224.725(1m)(d)
(d) An individual who performs real estate brokerage activities only and is licensed under s.
452.03, unless the individual is compensated by a lender, mortgage broker, or another mortgage loan originator or by any agent of a lender, mortgage broker, or another mortgage loan originator.
224.725(1m)(e)
(e) An individual solely involved in extensions of credit relating to time-share plans, as defined in
11 USC 101 (53D).
224.725(1m)(f)
(f) An employee of a bona fide nonprofit organization who acts as a mortgage loan originator only in connection with his or her work duties to the bona fide nonprofit organization and only with respect to residential mortgage loans with terms that are favorable to the borrower.
224.725(1m)(g)
(g) A licensed attorney who undertakes activities described in s.
224.71 (6) if all of the following apply:
224.725(1m)(g)1.
1. These activities are considered by the Wisconsin Supreme Court to be part of the authorized practice of law within Wisconsin.
224.725(1m)(g)2.
2. These activities are carried out within an attorney-client relationship.
224.725(1m)(g)3.
3. The attorney carries out the activities in compliance with all applicable laws, rules, and ethics standards.
224.725(2)(a)
(a) Applicants for a mortgage loan originator license shall apply to the division, on forms and in the manner prescribed by the division, and shall pay the fee specified in rules promulgated under sub.
(8). The division shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. Forms prescribed by the division under this paragraph may contain any content or requirement that the division, in its discretion, determines necessary and these forms may be modified or updated as necessary by the division to carry out the purposes of this subchapter.