BOMA Position
BOMA International supports H.R. 111 and S. 98, the Community Choice in Real Estate Act.
Bill Summary
Amends the Bank Holding Company Act of 1956, and the Revised Statutes of the United States, to prohibit the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, respectively, from determining that real estate brokerage activity or real estate management activity is financial in nature, is incidental to any financial activity, or is complementary to a financial activity. In effect, it prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities. The legislation also clarifies the financial institutions would continue to be permitted to dispose of real property acquired in foreclosure and to continue fiduciary and trust activities involving real estate, as well as to allow banks to manage property they use or occupy.
The legislation would exempt activities of a bank holding company (or any affiliate) that directly relate to managing any real property owned by national banks or their affiliates and grandfathers activities that were authorized on December 6, 2001.
Click HERE to be taken to the full bill text on THOMAS (Library of Congress)
Position approved by the BOMA International Board of Governors June 26, 2005