National Association of Registered Agents & Brokers (NARAB II)
Reforms the nonresident agent licensing procedures
In the biggest legislative win for the Big “I” in well over a decade, the U.S. Congress passed H.R. 26 during the first full week of January and it has been signed into law by President Obama. This legislative package includes BOTH a six-year extension of TRIA and the Big “I” preferred, permanent version of NARAB II to streamline nonresident licensing.
The basic mechanism is simple. Once an agent or broker is licensed in good standing in their home state, they could choose to apply to NARAB for membership. By meeting membership criteria, they could operate in any other state. Members would still have to pay each state's fees, but NARAB would still seamlessly and efficiently reduce their administrative burden.
For details, download and view the Big "I" Member Guide to NARAB II. Implementation of NARAB II will begin almost immediately after enactment, but we likely will not see NARAB II “go live” for at least two years (in 2017).
Our national association has prepared two documents to further explain the changes to nonresident licensing: