Regulatory Alerts2007-06-13
Added · Updated
SBD Opinion No. 2007-1 Real Estate Brokerage and Management Activities
The Alabama State Banking Department rescinded two prior conditional approvals for real estate brokerage and management activities and established new application procedures for state-chartered banks. The opinion clarifies that these powers remain authorized under the Alabama Banking Code but requires written applications detailing activity descriptions, licensing status, and consumer safeguard policies for new entrants. It further mandates coordination with the Alabama Real Estate Commission and prohibits tying services or offering preferential loan terms to customers utilizing these real estate services.
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