Bill Would Let Banks Broker Real Estate
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Two members of the U.S. House Financial Services Committee introduced a bill Thursday that would allow banks to engage in real estate brokerage and management activities.
The legislation was sponsored by Rep. Michael G. Oxley (R-Ohio) and Rep. Barney Frank (D-Mass.).
Under the bill, financial holding companies and financial subsidiaries of national banks would be authorized to engage in certain real estate activities.
Those would include, among other things, acting as an agent for a buyer, seller, lessor or lessee of a property; listing property for sale or rent; providing advice on a sale; and negotiating, on behalf of any party, any portion of a sale contract.
The legislation would amend the Bank Holding Company Act of 1956.
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