Legislation providing a mechanism for establishing true nonresident licensing reciprocity was reported out of the Senate Banking Committee.

The legislation is S. 534, the National Association of Registered Agents and Brokers Reform Act of 2013. It was introduced in the Senate in March by Sen. John Tester, D-Mont., and Sen. Mike Johanns, R-Neb. It has 22 co-sponsors.

“This concept was first developed by Congress in 1999 when it passed Gramm-Leach-Bliley but unfortunately, wasn't able to achieve the level of reciprocity and uniformity hoped for,” Tester said in asking the committee to support the measure. “The product before you today (June 6) represents over a decade worth of effort and I believe, will finally achieve the goals laid out in GLB in a way that ensures that regulators can continue to protect consumers,” Tester said.

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