Require ALL businesses that handle financial documents, such as paystub’s, W-2s, tax returns, bank statements, etc., to be licensed by the NMLS, ( Businesses not currently licensed are rental complexes and homeowners associations to name a few)
Heavy penalties, suspension or revocation of a businesses license for violators.
Financial record handling and storage should be enforced by all businesses not just a few trades.
Being part of the NMLS feels like an unnecessary burden with duplicate record-keeping, excessive oversight, and yet another set of reports to file quarterly and annually. After 15 years of the same 8-hour continuing education requirement and a $430 annual fee, it’s hard not to question its value. If regulators focused on enforcing the laws and requirements we already have, we wouldn’t need more rules or another agency."