Home : Blogs : Jeff LeBlanc : Jeff's Blog

Oh Oh... Big Banks Selling Real Estate?

In a recent ruling by the supreme court allows the office of the Comptroller of the Currency and other state chartered corporations, wholly owned by national banks, from complying with certain state laws. What does this mean? Well simply put, it means that banks will be able to claim exemptions from state Real Estate regulations for operating their own Real Estate brokerage. Yes, big banks will be able to compete with us and sell real estate!

The National Association of Realtors position is to cosponser S.413 Community Choice in Real Estate Act which would uphold state laws governing the transfer of Real Estate and who can legally get paid for such. We need to support our association and contact our Senators and support this act!

I would like to hear from fellow agents on what you think the impact of this ruling will have on our industry.

Posted by Jeff LeBlanc on 04/24/2007 12:21 PM

Comments (3)

big banks real estate, law, competition

3 Comments on Oh Oh... Big Banks Selling Real Estate?

Here in New Brunswick, Canada there are exemptions from licensing as well. They include a person acting by a court order, any recognized financial institute, anyone not ordinarily trading in real estate (selling or buying their own real estate), a practicing NB lawyer, and a licensed auctioneer.

(Information obtained from the "Real Estate Salesperson Licensing Manual" by New Brunswick Real Estate Association Page 9)

04/24/2007 12:30 PM

by Luther Harrity - Saint John, Rothesay, Hampton, New Brunswick Real Esate (Royal LePage Atlantic)

Big banks already do sell real estate. It's called REO. :)

S. 413: Community Choice in Real Estate Act :

Is a bill to amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes.

This bill is in the first step in the legislative process.

Sponsor:

Sen. Hillary Clinton [D-NY]

The bill has been referred to the following committees:

Senate Banking, Housing, and Urban Affairs

04/24/2007 12:50 PM

by Grant Howell, ABR, e-PRO *Frisco TX Area Realtor®* (RE/MAX FIRST REALTY II - Frisco, Texas)

I just got an email from the NAR with a call to action on this subject, if you want to do something about this, email me and I will send you the NAR link.

04/24/2007 01:20 PM

by Louisa Kastendick (Prudential Americana Group, Realtors)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?