Question

Whose power is it to establish and maintain a system similar to the NMLS-R in states that chose not to participate in the NMLS-R?

Answer 1

The power to establish and maintain a system similar to the NMLS-R in non-participating states lies with the individual state governments.

Step-by-step explanation:

The power to establish and maintain a system similar to the NMLS-R in states that choose not to participate lies with the individual state governments.

Member state governments rely on international organizations, such as the World Trade Organization (WTO), to establish, revise, and enforce rules that govern international trade.

For example, if a state chooses not to participate in the NMLS-R, it can create its own regulatory framework for mortgage licensing and oversight, with the state government taking on the responsibility of establishing and maintaining the system.