Industrial Loan Company Legislation:
H.R. 698 passed in the House. This was very im portant legislation that goes hand in hand with HR 111 and for Realtors this is a positive step forward in keeping banking and commerce apart as required by law.
H.R. 698, the bill to close the loophole that currently allows commercial firms to own certain types of banks, overwhelmingly passed the House on Monday with a vote of 371-16. The legislation paves the way to restoring the separation of banking and commerce and is a very important "win" for our industry.
H.R. 698 will now await consideration in the Senate. Please contact your members of the Senate and ask them to support H.R. 698
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