Madison, WI – The Wisconsin State Senate held a floor session today to consider more than forty bills. Among the legislation that was approved by the chamber were two reforms authored by Senator Rob Stafsholt (R – New Richmond). The first of the Senator’s bills to receive a vote was SB 214, which would increase access to healthcare by allowing telehealth providers to practice more easily in Wisconsin. The second bill, SB 315, would eliminate the net worth requirements currently in statute for an individual to obtain licensure as a mortgage broker in Wisconsin.
Current law requires that any individual who provides healthcare services in Wisconsin must possess a license or other credential issued by the state’s Department of Safety and Professional Services (DSPS) or a credentialing board. “My bill allows telehealth providers who already have obtained licensure in their home state, to simply register with DSPS instead of requiring them to get licensed again. This will open the door for more providers to offer telehealth in Wisconsin and thereby increase our residents’ access to healthcare, while prioritizing consumer protection,” commented Senator Stafsholt on Senate Bill 214. “This reform will be particularly meaningful to our rural and more remote communities, where in-person healthcare options are limited or require significant travel commitments. Being from a border district, I know how important it is that Wisconsinites who live near providers across the border are able to work with them if need be.”
With regard to Senate Bill 315, current law requires a minimum net worth of $100,000 for any individual who seeks to be licensed by the state as a mortgage broker. “I think this net worth requirement needlessly weeds out many people who could successfully perform the work of a mortgage broker, but don’t yet possess the personal wealth to be licensed.” said Senator Stafsholt, explaining why he introduced SB 315. “Dispensing with this net worth requirement will allow more Wisconsinites to practice as mortgage brokers, letting young people begin their careers sooner and increasing competition in this facet of the housing market, which ought to help make home-buying more affordable. Wisconsin is currently the only state that requires mortgage brokers to have a net worth of $100,000, with more than twenty setting the standard at $0.”
Both of Senator Stafsholt’s bills that passed the Senate today have received a Public Hearing in the State Assembly and now await scheduling for a floor session in that chamber. “I’m hopeful that these common-sense reforms to benefit Wisconsinites will now be passed by the Assembly and signed into law by the Governor,” concluded Senator Stafsholt.
Senator Stafsholt represents Wisconsin’s 10th Senate District, which includes all of Buffalo, Pepin, Pierce, and St. Croix counties, as well as portions of Dunn and Trempealeau counties.
