Milwaukee City Wire

Wisconsin State Representative Rob Brooks has introduced legislation to remove the net worth requirement for mortgage brokers in the state. Currently, Wisconsin requires mortgage brokers to have a net worth of $100,000, one of the highest such requirements in the country. Neighboring states like Minnesota and Iowa do not have any net worth requirement for mortgage brokers. Wisconsin also mandates that brokers maintain a surety bond of $120,000 as protection against financial harm.

Brooks argues that removing this requirement would increase the number of mortgage professionals operating in Wisconsin communities, fostering competition and offering more choices to consumers. "Removing the mortgage broker net worth requirement would significantly benefit consumers by increasing the number of mortgage professionals available in local communities. This increase in local mortgage brokers would foster greater competition, leading to more personalized service and better loan terms for homebuyers," Brooks stated.

According to data from the Nationwide Mortgage Lending System, Wisconsin has about 1,000 mortgage brokers compared to 1,600 in Minnesota and 2,400 in Michigan. More than half of U.S. states do not require a minimum net worth for mortgage brokers.

The bill aims to align Wisconsin with other Midwestern states by eliminating this barrier.

In addition to legislative updates on mortgage regulations, Brooks highlighted several bills passed by the Wisconsin State Assembly relating to criminal justice and healthcare. These bills now await consideration by the State Senate before potentially reaching Governor Tony Evers' desk.

Assembly Bill 198 establishes two programs aimed at supporting Emergency Medical Services (EMS) personnel through tuition reimbursement and grants for technical colleges offering EMS courses. The bill also introduces a Live 911 Pilot Program designed to improve emergency response through real-time video communication between dispatchers and callers.

"EMS providers across Wisconsin are facing significant issues with funding and staffing, which is leading to problems with access or lack of coverage for many communities," Brooks said. He emphasized that addressing these challenges will require a multifaceted approach suitable for both rural and urban areas.

Assembly Bill 201—Bradyn's Law—creates new penalties related to sexual extortion or "sextortion." The law defines sextortion as using threats or coercion involving intimate images or conduct and makes it a Class I felony under certain circumstances. If victims are coerced into specific acts or if they are minors with defendants significantly older than them, charges may be elevated to Class H felonies. In cases where sextortion results in death, offenders could face Class B felony charges.

The bill also allows victims or their families eligibility for compensation from the Department of Justice's crime victim fund if injury or death occurs due to sextortion crimes.

Assembly Bill 242 extends legal protections against theft and vandalism from electric utilities to broadband, video, and wireless infrastructure while increasing penalties for damaging these systems without consent. The move responds to rising incidents driven partly by higher copper prices nationwide.

Assembly Bill 257 seeks modernization of Advanced Practice Registered Nurse (APRN) regulations by aligning state law with national standards on licensure and practice scope. According to a recent study by the Wisconsin Hospital Association cited by Brooks, APRN vacancy rates range from six percent to eight percent statewide—a shortage especially acute in rural areas.

After previous vetoes over concerns regarding professional titles and independent practice requirements among others, Brooks noted that this version was negotiated with Governor Evers’ office as well as stakeholder groups: "Items that have been amended include: professional title protections, the number of years a collaborative agreement is required before independent practice is allowed, pain management, and liability insurance."

Another measure passed is Assembly Bill 269 on portable benefits for app-based drivers working with companies such as Uber or DoorDash. The bill allows voluntary contributions toward health insurance or retirement accounts while maintaining drivers’ status as independent contractors provided certain conditions are met regarding work flexibility.

"There are more than three hundred thousand gig industry workers in Wisconsin who will benefit from the opportunity to establish a portable benefits account," Brooks said.

Additionally, applications are now open for the WHEDA Foundation’s annual Housing Grant Program marking its fortieth year. The program offers up to $2 million in grants for emergency shelters and low-income housing improvements funded entirely through WHEDA revenue generated via lending operations. Eligible organizations must apply by July 31; awards will be announced in December.

Brooks encouraged constituents interested in following legislative activity closely at Madison’s Capitol building to sign up online for notifications about specific bills or topics relevant to them.

Brooks was elected as a Republican representative serving Wisconsin’s 59th House district beginning in 2025 after succeeding Ty Bodden (https://ballotpedia.org/Rob_Brooks).

For further information or comments on legislative matters discussed here, residents can contact Representative Rob Brooks at his Madison office.