STATE OF WISCONSIN

Is a license required? A license is required for mortgage brokers.
State specific loan modification law? None.

 

Advantages of becoming a licensed Mortgage Broker? No advantages, there is no alternative, loan modification services must be licensed as mortgage brokers.

A mortgage broker is subject to the 224.72(1m)(Attached as Schedule A), which states that “a person may not conduct business or act as a mortgage banker or mortgage broker, use the title “mortgage banker” or “mortgage broker,” or advertise or otherwise portray himself, herself, or itself as a mortgage banker or mortgage broker, unless the person has been issued a mortgage banker or mortgage broker license by the division.”

Penalties for operating in the state without a license: 224.80(1) allows for a fine of up to $25,000 or 9 months in prison or both to anyone who violates the statute.
Is an advanced fee permitted?

 

Yes.

224.75(1)(a) requires that records be kept of all fees a mortgage broker receives from a client.

224.77(1)(u) could be interpreted to prohibits the broker from getting any money from the client if the client does not obtain a mortgage.

Is a written agreement required? Yes.

224.79(1) states that every agreement between a mortgage broker and a client will be in writing, the statute lists the requirements.

224.79(1) also states disclosure requirements.

Other noteworthy information? None.
Wisconsin Statutes

Ctrl + Click Here

Licensing requirements for mortgage brokers:

Ctrl + Click Here

Schedule A


224.72
224.72 Licensing of mortgage bankers and mortgage brokers.
224.72(1m)
(1m) License required. A person may not conduct business or act as a mortgage banker or mortgage broker, use the title “mortgage banker” or “mortgage broker,” or advertise or otherwise portray himself, herself, or itself as a mortgage banker or mortgage broker, unless the person has been issued a mortgage banker or mortgage broker license by the division.
224.72(2)
(2) License applications.
224.72(2)(am)
(am) Applicants for a mortgage banker or mortgage broker 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). 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.
224.72(2)(c)
(c)
224.72(2)(c)1.
1. Except as provided in par. (d), an application shall include the following:
224.72(2)(c)1.a.
a. In the case of an individual, the individual’s social security number.
224.72(2)(c)1.b.
b. In the case of a person that is not an individual, the person’s federal employer identification number.
224.72(2)(c)2.
2. The department may not disclose any information received under subd. 1. to any person except as follows:
224.72(2)(c)2.a.
a. The department may disclose information under subd. 1. to the department of revenue for the sole purpose of requesting certifications under s. 73.0301.
224.72(2)(c)2.b.
b. The department may disclose information under subd. 1. a. to the department of children and families in accordance with a memorandum of understanding under s. 49.857.
224.72(2)(d)
(d)
224.72(2)(d)1.
1. If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a license under this section, shall submit a statement made or subscribed under oath or affirmation to the division that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of children and families.
224.72(2)(d)2.
2. Any license issued or renewed in reliance upon a false statement submitted by an applicant under subd. 1. is invalid.
224.72(2m)
(2m) Licensed offices. Each mortgage banker or mortgage broker shall obtain and maintain a license for its principal office and a separate license for each branch office.
224.72(4)
(4) Additional requirements.
224.72(4)(a)
(a) In addition to the requirements of sub. (2), an applicant for a mortgage banker or mortgage broker license shall do all of the following:
224.72(4)(a)2.
2. File with the division a commercial surety bond which is in the amount of $300,000 for a mortgage banker or $120,000 for a mortgage broker, is issued by a surety company authorized to do business in this state, secures the applicant’s faithful performance of all duties and obligations of a mortgage banker or mortgage broker, is payable to the division for the benefit of persons to whom the mortgage banker or mortgage broker provided services as a mortgage banker or mortgage broker, is issued on a form that is acceptable to the division and provides that the bond may not be terminated without at least 30 days’ written notice to the division.
224.72(4)(a)4.
4. Submit evidence that establishes, to the division’s satisfaction, a minimum net worth of $250,000 for a mortgage banker or $100,000 for a mortgage broker. Evidence of net worth shall include the submission of recent financial statements accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the financial statements in accordance with generally accepted accounting principles.
224.72(4n)
(4n) Security held by the division; release. The division or its agent shall hold security filed under s. 224.72 (4) (a) 3., 2007 stats., and s. 224.72 (4m) (a) 2., 2007 stats. The security shall remain in effect, and the division may not release it, until all of the following conditions are met:
224.72(4n)(a)
(a) A period of 180 days has elapsed since at least one of the following:
224.72(4n)(a)1.
1. The date on which the mortgage banker or mortgage broker gives notice to the division that the mortgage banker or mortgage broker is no longer acting as a mortgage banker or mortgage broker.
224.72(4n)(a)2.
2. The date on which the mortgage banker’s or mortgage broker’s license expires or is revoked.
224.72(4n)(b)
(b) The division determines that the mortgage banker or mortgage broker is no longer in business.
224.72(4n)(c)
(c) The division determines that all claims of persons to whom the mortgage banker or mortgage broker provided services as a mortgage banker or mortgage broker have been satisfied.
224.72(5m)
(5m) Completion of licensing process. Except as provided in sub. (7m), upon the filing of an application for a mortgage banker or mortgage broker license and the payment of the fee specified in rules promulgated under sub. (8), the division shall make an investigation of the applicant including, if the applicant is a partnership, limited liability company, association, or corporation, the members or officers and directors, respectively, of the applicant. If the division finds that the character, general fitness, and financial responsibility of the applicant, including its members or officers and directors if the applicant is a partnership, limited liability company, association, or corporation, warrant the belief that the business will be operated in compliance with this subchapter, the division shall issue to the applicant a mortgage banker or mortgage broker license. A mortgage banker or mortgage broker license is not assignable or transferable.
224.72(7)
(7) License renewal.
224.72(7)(am)
(am) A mortgage broker or mortgage banker may apply to renew a license issued under this section by timely submitting, on forms and in the manner prescribed by the division, a completed renewal application and all required renewal fees. The division may not renew a license issued under this section unless the division finds that the mortgage broker or mortgage banker continues to meet the minimum standards for license issuance under this section.
224.72(7)(bm)
(bm) The license of a mortgage broker or mortgage banker who fails to satisfy the minimum standards for license renewal shall expire. The division may, by rule, provide for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.
224.72(7m)
(7m) Denial of application for certain reasons. The division may not issue or renew a license under this section if any of the following applies:
224.72(7m)(a)
(a) The applicant for the issuance or renewal has failed to provide any information required under sub. (2) (c) 1.
224.72(7m)(b)
(b) The department of revenue has certified under s. 73.0301 that the applicant is liable for delinquent taxes. An applicant whose application for issuance or renewal of a license is denied under this paragraph for delinquent taxes is entitled to a notice under s. 73.0301 (2) (b) 1. b. and hearing under s. 73.0301 (5) (a) but is not entitled to any other notice or hearing under this section.
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 – ANNOT.
NOTE: This section is shown as affected eff. 1-1-10 by 2009 Wis. Act 2. Prior to 1-1-10 it reads:

 

224.72 – ANNOT.
224.72 Registration of mortgage bankers, loan originators and mortgage brokers. (1) Definitions. In this section:

 

224.72 – ANNOT.
(a) “Net worth” means total tangible assets less total liabilities of a person, or, if the person is a natural person, total tangible assets less total liabilities exclusive of the person’s principal residence and its furnishings and personal use vehicles.

 

224.72 – ANNOT.
(b) “Warehouse line of credit” means a line of credit to fund loans held for sale to other persons.

 

224.72 – ANNOT.
(1m) Registration required. A person may not act as a mortgage banker, loan originator or mortgage broker, use the title “mortgage banker”, “loan originator” or “mortgage broker”, or advertise or otherwise portray himself or herself as a mortgage banker, loan originator or mortgage broker, unless the person has been issued a certificate of registration from the division.

 

224.72 – ANNOT.
(2) Applying for registration. A person desiring to act as a mortgage banker, loan originator or mortgage broker shall apply for a certificate of registration to the division on forms prescribed by the division and shall pay the fee specified in rules promulgated under sub. (8). An application shall satisfy all of the following:

 

224.72 – ANNOT.
(a) Verified. The applicant shall verify the application, and if the applicant is a partnership, limited liability company or corporation, the application shall be verified as follows:

 

224.72 – ANNOT.
1. By at least 2 partners of the partnership.

 

224.72 – ANNOT.
2. By at least 2 officers of the corporation who have authority to verify the application.

 

224.72 – ANNOT.
3. By at least 2 members of the limited liability company.

 

224.72 – ANNOT.
(b) Identity of partner, member or officer. If the applicant is a partnership, limited liability company or corporation, the application shall identify each partner, member or officer who will use the title “mortgage banker”, “loan originator” or “mortgage broker”.

 

224.72 – ANNOT.
(c) Social security and federal employer identification numbers. 1. Except as provided in par. (d), an application shall include the following:

 

224.72 – ANNOT.
a. In the case of an individual, the individual’s social security number.

 

224.72 – ANNOT.
b. In the case of a person that is not an individual, the person’s federal employer identification number.

 

224.72 – ANNOT.
2. The department may not disclose any information received under subd. 1. to any person except as follows:

 

224.72 – ANNOT.
a. The department may disclose information under subd. 1. to the department of revenue for the sole purpose of requesting certifications under s. 73.0301.

 

224.72 – ANNOT.
b. The department may disclose information under subd. 1. a. to the department of children and families in accordance with a memorandum of understanding under s. 49.857.

 

224.72 – ANNOT.
(d) Social security number exceptions. 1. If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a registration under this section, shall submit a statement made or subscribed under oath or affirmation to the division that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of children and families.

 

224.72 – ANNOT.
2. Any certificate of registration issued or renewed in reliance upon a false statement submitted by an applicant under subd. 1. is invalid.

 

224.72 – ANNOT.
(3) Additional requirements for loan originator applicant. (a) In addition to the requirements of sub. (2), an applicant for registration as a loan originator shall include in the application the name of the mortgage banker or mortgage broker who will employ the loan originator.

 

224.72 – ANNOT.
(b) In addition to the requirements of sub. (2), each applicant for registration as a loan originator, other than an applicant employed by an affiliate of a credit union or of an entity described under s. 224.71 (3) (b) 1., shall pass a written examination, approved by the loan originator council, covering primary and subordinate mortgage financing transactions and the provisions of this subchapter. The examination shall be administered by the technical college system board, a professional trade association whose members include loan originators, or any other person approved by the division.

224.72 – ANNOT.
Cross Reference: See also ch. DFI-Bkg 45, Wis. adm. code.

 

224.72 – ANNOT.
(c) The employer of each applicant for registration as a loan originator, other than an applicant employed by an affiliate of a credit union or of an entity described under s. 224.71 (3) (b) 1., shall obtain a criminal history search relating to the applicant from the records maintained by the department of justice and submit the results of the search to the division.

 

224.72 – ANNOT.
(4) Additional requirement for mortgage banker applicant. (a) With a bona fide office. In addition to the requirements of sub. (2), an applicant for registration as a mortgage banker who maintains a bona fide office shall do at least one of the following:

 

224.72 – ANNOT.
1. `Approval by federal agency.’ Submit evidence which shows, to the division’s satisfaction, that one or more of the following have approved the applicant as a mortgagee:

 

224.72 – ANNOT.
a. The federal department of housing and urban development.

 

224.72 – ANNOT.
b. The Federal National Mortgage Association.

 

224.72 – ANNOT.
c. The Government National Mortgage Association.

 

224.72 – ANNOT.
d. The Federal Home Loan Mortgage Corporation.

 

224.72 – ANNOT.
2. `File a bond.’ File with the division a commercial surety bond which is in the amount of $25,000, is issued by a surety company authorized to do business in this state, secures the applicant’s faithful performance of all duties and obligations of a mortgage banker, is payable to the division for the benefit of persons to whom the mortgage banker provided services as a mortgage banker, is issued on a form that is acceptable to the division and provides that the bond may not be terminated without at least 30 days’ written notice to the division.

 

224.72 – ANNOT.
3. `Other bond or guarantee.’ File a personal bond or 3rd-party guarantee in the amount of $25,000 in a form acceptable to the division and secured by one of the following forms of security:

 

224.72 – ANNOT.
a. A certificate of deposit.

 

224.72 – ANNOT.
b. A debt security acceptable to the division.

 

224.72 – ANNOT.
c. An irrevocable bank letter of credit issued by a financial institution that is authorized to do business in this state or that is federally chartered.

 

224.72 – ANNOT.
4. `Minimum net worth.’ Submit evidence that establishes, to the division’s satisfaction, a minimum net worth of $25,000 and a warehouse line of credit of not less than $250,000 or a minimum net worth of $100,000. Evidence of net worth shall include the submission of a balance sheet that is accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the balance sheet in accordance with generally accepted accounting principles.

 

224.72 – ANNOT.
(d) Without a bona fide office. In addition to the requirements of sub. (2), an applicant for registration as a mortgage banker who does not maintain a bona fide office shall do all of the following:

 

224.72 – ANNOT.
1. `File a bond.’ File with the division a commercial surety bond that is in the amount of $300,000, is issued by a surety company authorized to do business in this state, secures the applicant’s faithful performance of all duties and obligations of a mortgage banker, is payable to the division for the benefit of persons to whom the mortgage banker provided services as a mortgage banker, is issued on a form that is acceptable to the division and provides that the bond may not be terminated without at least 30 days’ written notice to the division.

 

224.72 – ANNOT.
2. `Minimum net worth.’ Submit evidence that establishes, to the division’s satisfaction, a minimum net worth of $250,000. Evidence of net worth shall include the submission of a balance sheet that is accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the balance sheet in accordance with generally accepted accounting principles.

 

224.72 – ANNOT.
(4m) Additional requirement for mortgage broker applicant. (a) With a bona fide office. In addition to the requirements of sub. (2), an applicant for registration as a mortgage broker who maintains a bona fide office shall do at least one of the following:

 

224.72 – ANNOT.
1. `File a bond.’ File with the division a commercial surety bond that is in the amount of $10,000, is issued by a surety company authorized to do business in this state, secures the applicant’s faithful performance of all duties and obligations of a mortgage broker, is payable to the division for the benefit of persons to whom the mortgage broker provided services as a mortgage broker, is issued on a form that is acceptable to the division and provides that the bond may not be terminated without at least 30 days’ written notice to the division.

 

224.72 – ANNOT.
2. `Other bond or guarantee.’ File a personal bond or 3rd-party guarantee in the amount of $10,000 in a form acceptable to the division and secured by one of the following forms of security:

 

224.72 – ANNOT.
a. A certificate of deposit.

 

224.72 – ANNOT.
b. A debt security acceptable to the division.

 

224.72 – ANNOT.
c. An irrevocable bank letter of credit issued by a financial institution that is authorized to do business in this state or that is federally chartered.

 

224.72 – ANNOT.
3. `Minimum net worth.’ Submit evidence that establishes, to the division’s satisfaction, a minimum net worth of $100,000. Evidence of net worth shall include the submission of a balance sheet that is accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the balance sheet in accordance with generally accepted accounting principles.

 

224.72 – ANNOT.
(b) Without a bona fide office. In addition to the requirements of sub. (2), an applicant for registration as a mortgage broker who does not maintain a bona fide office shall do all of the following:

 

224.72 – ANNOT.
1. `File a bond.’ File with the division a commercial surety bond that is in the amount of $120,000, is issued by a surety company authorized to do business in this state, secures the applicant’s faithful performance of all duties and obligations of a mortgage broker, is payable to the division for the benefit of persons to whom the mortgage broker provided services as a mortgage broker, is issued on a form that is acceptable to the division and provides that the bond may not be terminated without at least 30 days’ written notice to the division.

 

224.72 – ANNOT.
2. `Minimum net worth.’ Submit evidence that establishes, to the division’s satisfaction, a minimum net worth of $250,000. Evidence of net worth shall include the submission of a balance sheet that is accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the balance sheet in accordance with generally accepted accounting principles.

 

224.72 – ANNOT.
(4n) Security held by the division; release. The division or its agent shall hold security filed under subs. (4) (a) 3. and (4m) (a) 2. The security shall remain in effect, and the division may not release it, until all of the following conditions are met:

 

224.72 – ANNOT.
(a) A period of 180 days has elapsed since at least one of the following:

 

224.72 – ANNOT.
1. The date on which the mortgage banker or mortgage broker gives notice to the division that the mortgage banker or mortgage broker is no longer acting as a mortgage banker or mortgage broker.

 

224.72 – ANNOT.
2. The date on which the mortgage banker’s or mortgage broker’s registration expires or is revoked.

 

224.72 – ANNOT.
(b) The division determines that the mortgage banker or mortgage broker is no longer in business.

 

224.72 – ANNOT.
(c) The division determines that all claims of persons to whom the mortgage banker or mortgage broker provided services as a mortgage banker or mortgage broker have been satisfied.

 

224.72 – ANNOT.
(4r) Insufficient security; division order; suspension of registration. If the division finds that the surety bond, security or insurance policy filed by a mortgage banker or mortgage broker has been canceled without the required notice to the division, the division may summarily suspend the mortgage banker’s or mortgage broker’s registration.

 

224.72 – ANNOT.
(5) Completion of registration. (a) Loan originator. Except as provided in sub. (7m), upon receiving a properly completed application for registration as a loan originator and the fee specified in rules promulgated under sub. (8) and upon an applicant’s compliance with sub. (3) (a) and, if required, sub. (3) (b), the division may issue to the applicant a certificate of registration as a loan originator.

 

224.72 – ANNOT.
(b) Mortgage banker and mortgage broker. Except as provided in sub. (7m), upon receiving a properly completed application for registration as a mortgage banker or a mortgage broker, the fee specified in rules promulgated under sub. (8) and satisfactory evidence of compliance with subs. (4) and (4m), the division may issue to the applicant a certificate of registration as a mortgage banker or mortgage broker.

 

224.72 – ANNOT.
(7) Renewal of registration. (a) A loan originator, mortgage broker or mortgage banker shall renew a certificate of registration by submitting to the division a renewal application and the renewal fee specified in rules promulgated under sub. (8) on or before the renewal date specified in rules promulgated under sub. (8).

 

224.72 – ANNOT.
(b) An applicant for renewal of a certificate of registration as a mortgage banker shall, as part of the application, do the following:

 

224.72 – ANNOT.
1. For a mortgage banker who maintains a bona fide office, refile a bond that satisfies sub. (4) (a) 2. or 3. or resubmit evidence that satisfies sub. (4) (a) 1. or 4.

 

224.72 – ANNOT.
2. For a mortgage banker who does not maintain a bona fide office, refile a bond that satisfies sub. (4) (d) 1. and resubmit evidence that satisfies sub. (4) (d) 2.

 

224.72 – ANNOT.
(c) An applicant for renewal of a certificate of registration as a mortgage broker shall, as part of the application, do the following:

 

224.72 – ANNOT.
1. For a mortgage broker who maintains a bona fide office, refile a bond that satisfies sub. (4m) (a) 1. or 2. or resubmit evidence that satisfies sub. (4m) (a) 3.

 

224.72 – ANNOT.
2. For a mortgage broker who does not maintain a bona fide office, refile a bond that satisfies sub. (4m) (b) 1. and resubmit evidence that satisfies sub. (4m) (b) 2.

 

224.72 – ANNOT.
(d) 1. Except as provided in subd. 2., an applicant for renewal of a certificate of registration as a loan originator, other than an applicant employed by an affiliate of a credit union or of an entity described under s. 224.71 (3) (b) 1., shall, as part of the application, submit evidence that is satisfactory to the division that, during the 2 years preceding the date of application, the applicant has successfully completed at least 16 hours, or, if the applicant is a loan solicitor, at least the minimum number of hours established by rule by the division, of education approved by the loan originator council covering primary and subordinate mortgage financing transactions and the provisions of this subchapter.

 

224.72 – ANNOT.
2. No later than June 30 of each year, the technical college system board, a professional trade association whose members include loan originators, or any other person approved by the division shall administer an examination or series of examinations, approved by the loan originator council, on the educational subjects required under subd. 1. Any applicant who, as part of the application, submits evidence that is satisfactory to the division that the applicant has passed the examination or series of examinations under this subdivision during the 2 years immediately preceding the date of application is not required to comply with subd. 1.

224.72 – ANNOT.
Cross Reference: See also ch. DFI-Bkg 45, Wis. adm. code.

 

224.72 – ANNOT.
(e) If an applicant for renewal of a certificate of registration as a loan originator has changed employers since his or her criminal history was last searched under this paragraph or sub. (3) (c), the applicant’s current employer shall obtain a criminal history search relating to the applicant from the records maintained by the department of justice and submit the results of the search to the division.

 

224.72 – ANNOT.
(7m) Denial of application for issuance or renewal of registration. The division may not issue or renew a certificate of registration under this section if any of the following applies:

 

224.72 – ANNOT.
(a) The applicant for the issuance or renewal has failed to provide any information required under sub. (2) (c) 1.

 

224.72 – ANNOT.
(am) The information provided to the division under sub. (3) (c) or (7) (e) indicates that the applicant has been convicted of a felony and, as a result of the conviction, the applicant represents an unreasonable risk of violating this subchapter, in the opinion of the division.

 

224.72 – ANNOT.
(b) The department of revenue has certified under s. 73.0301 that the applicant is liable for delinquent taxes. An applicant whose application for issuance or renewal of a certificate of registration is denied under this paragraph for delinquent taxes is entitled to a notice under s. 73.0301 (2) (b) 1. b. and hearing under s. 73.0301 (5) (a) but is not entitled to any other notice or hearing under this section.

 

224.72 – ANNOT.
(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 registration 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 – ANNOT.
(7p) Rules relating to loan solicitors, competency examinations, and continuing education. The division shall promulgate rules that do all of the following:

 

224.72 – ANNOT.
(a) Define loan solicitor, which definition shall reflect the limited scope of duties and activities performed by loan solicitors in comparison with loan originators who are not loan solicitors.

 

224.72 – ANNOT.
(b) Establish standards for the approval by the loan originator council of examinations in the law of mortgage banking and mortgage brokering under subs. (3) (b) and (7) (d) 2. The rules shall require that a separate examination be available for loan solicitors, the standards for which reflect the limited scope of duties and activities performed by loan solicitors in comparison with loan originators who are not loan solicitors and reflect the reduction in hours of education required of loan solicitors under par. (c) and sub. (7) (d) 1.

 

224.72 – ANNOT.
(c) Establish standards for the approval by the loan originator council of the curricula of education under sub. (7) (d) 1. and the minimum number of hours, which shall be less than 16, of education required of loan solicitors under sub. (7) (d) 1. The rules shall establish separate standards for curricula for loan solicitors that reflect the limited scope of duties and activities performed by loan solicitors in comparison with loan originators who are not loan solicitors and reflect the reduction in hours of education required of loan solicitors under this paragraph and sub. (7) (d) 1.

 

224.72 – ANNOT.
(8) Registration period; fees. The division shall promulgate rules establishing the registration period and the registration fees for loan originators, mortgage bankers and mortgage brokers.

224.72 – ANNOT.
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.
224.72 – ANNOT.
Cross Reference: See also chs. DFI-Bkg 40 and 41, Wis. adm. code.

 


Wordpress SEO Plugin by SEOPressor