Regulatory Alerts2007-06-13
SBD Opinion 2007-1 – Real Estate Brokerage and Management Activities
The Alabama State Banking Department issued Opinion 2007-1 to reaffirm that state-chartered banks are authorized to engage in real estate brokerage and management activities under the Alabama Banking Code. The opinion rescinds prior unacted-upon approvals, establishes new application procedures for future requests, and exempts currently engaged activities while requiring consideration of consumer safeguards and licensing requirements. It clarifies that this general authority is not conditioned on approvals from any agency other than the Superintendent of Banks, though banks and their affiliates are expected to file for necessary real estate licenses.
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