Ben Franklin, Wisconsin State Representative for 88th District | www.facebook.com
Ben Franklin, Wisconsin State Representative for 88th District | www.facebook.com
According to the Wisconsin State Legislature's official website, the bill was described as follows: "the minimum net worth requirement for licensed mortgage brokers".
The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.
In essence, this bill amends the statutes to remove the minimum net worth requirement for individuals seeking licensure as mortgage brokers in Wisconsin. Previously, aspiring mortgage brokers were mandated to demonstrate a minimum net worth of $100,000 through financial statements certified by an independent CPA. With the repeal of this requirement, applicants are no longer obliged to provide such financial evidence to the Division of Banking within the Department of Financial Institutions to obtain a license. The change aims to potentially ease the entry requirements for individuals pursuing a career in mortgage brokerage.
The bill was co-authored by Senator Rob Stafsholt (Republican-10th District), Representative Russell Goodwin (Democrat-12th District), Representative Chanz J. Green (Republican-74th District), Representative Daniel Knodl (Republican-24th District), Representative Rob Kreibich (Republican-28th District). It was co-sponsored by Senator Chris Kapenga (Republican-33rd District), along one other co-sponsor.
Benjamin Franklin has co-authored or authored another 52 bills since the beginning of the 2025 session, with none of them being enacted.
Franklin graduated from Trident University International in 2020 with a BA.
Franklin, a Republican, was elected to the Wisconsin State Assembly in 2025 to represent the state's 88th Assembly district, replacing previous state representative John Macco.
In Wisconsin, the legislative process starts when a senator, constituent, group, or agency proposes an idea for a bill. After drafting, the bill is introduced, numbered, and referred to a committee for review and public input. If approved, it moves through three readings and votes in both the Senate and Assembly. Once both chambers pass the same version, the bill goes to the governor, who can sign it, veto it, or let it become law without a signature. Only a small share of bills introduced each session ultimately become law. You can learn more about the Wisconsin legislative process here.
| Bill Number | Date Introduced | Short Description |
|---|---|---|
| AB313 | 06/06/2025 | The minimum net worth requirement for licensed mortgage brokers |
| AB303 | 06/06/2025 | 988 Suicide and Crisis Lifeline grants. (FE) |
| AB297 | 05/30/2025 | Performance grants based on improving employment rates for individuals on probation, parole, or extended supervision. (FE) |
| AB271 | 05/19/2025 | Camera monitor systems as an alternative to mirrors for commercial motor vehicles |
| AB266 | 05/19/2025 | The fee for filing limited liability company articles of organization with the Department of Financial Institutions. (FE) |
| AB184 | 04/15/2025 | Coverage of individuals with preexisting conditions and benefit limits under health plans |
| AB176 | 04/15/2025 | Financial eligibility for the Alzheimer’s family and caregiver support program. (FE) |
| AB82 | 02/28/2025 | Exempting certain conveyances between grandparents and grandchildren from the real estate transfer fee. (FE) |
| AB74 | 02/28/2025 | Parental notification of alleged sexual misconduct by a school staff member. (FE) |
| AB17 | 02/06/2025 | Creating an employee ownership conversion costs tax credit, a deduction for capital gains from the transfer of a business to employee ownership, and an employee ownership education and outreach program. (FE) |
| AB6 | 02/04/2025 | Requiring a school board to spend at least 70 percent of its operating expenditures on direct classroom expenditures and annual pay increases for school administrators. (FE) |
Alerts Sign-up