Regulatory Alerts2004-06-07
Non-Objection to General Third Party Real Estate Brokerage Activities
The Pennsylvania Department of Banking issued a non-objection to a state-chartered bank's formation of a wholly-owned service corporation to engage in general third-party real estate brokerage activities. This approval is conditioned on strict adherence to borrowing limits, investment caps, and specific licensing requirements for the subsidiary. The Department retains regulatory authority to monitor compliance and requires the submission of additional corporate documentation to finalize the matter.
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