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 Update on Banks in Real Estate Bill
By: Darin "Sid" Cameron, CRS
Wed, Jan 12th, 2005 4:28 pm

We reported on this earlier in the month, so here is an update.

The U.S. Congress adjourned the 108th Session recently after passing the fiscal year 2005 Omnibus Appropriations Bill. This catch-all spending bill contains another one-year prohibition against huge megabanks' entrance into the real estate brokerage, leasing, and property management business. The prohibition is backed by the NATIONAL ASSOCIATION OF REALTORS®.

House leaders refused to accept a provision that would have permanently prohibited these banks from entering the real estate industry. This language was part of the U.S. Senate bill, included by Senate Banking Committee Chairman Richard Shelby (R-Ala.).

The permanent Senate language remained in the final bill until the very last minute when it was ordered removed by the U.S. Rep. Dennis Hastert (R-Ill.), speaker of the U.S. House of Representatives. The one-year prohibition effectively continues the ban on the large banks that has been in operation for the past three years.

Source: The National Association of Realtors

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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