S. 98Senate108th Congress (2003-2005)In Committee

Community Choice in Real Estate Act of 2003

Introduced January 7, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 1/09/2003 S152)

January 7, 2003

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SenateIntro Referral

Introduced in Senate

January 7, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR 1/9/2003 S151-152)

January 7, 2003

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 1/09/2003 S152)

January 7, 2003

Floor Debate

6 members

What members said about S. 98 on the floor

1 Republican5 Democrats
Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 9, 2003

Mr. President, I am pleased today to join Senator Daschle and other Democratic Senators in introducing the Justice Enhancement and Domestic Security Act of 2003. This comprehensive crime bill builds…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Jan 7, 2003

Mr. President, I rise to spend a few minutes this afternoon commenting on the debate that is before the Senate, our challenge to shape an unemployment compensation package or relief package that will…

Thomas A. Daschle
Sen. Thomas A. DaschleD-SD · Jan 9, 2003

Mr. President, officially, the Congress that ended in December was the 107th Congress. But history will almost surely record it as the September 11th Congress. From the moment the first plane hit the…

Wayne Allard
Sen. Wayne AllardR-CO · Jan 9, 2003

Mr. President, I would like to make a few brief comments about legislation I am introducing today. I also will talk briefly about some of the agenda items I have been looking at for this year.…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Jan 9, 2003

Mr. President, I am so pleased to join my colleague, Senator Allard from Colorado, today to introduce the Community Choice in Real Estate Act of 2003. This critically important piece of legislation…

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Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Mar 11, 2004

Mr. President, I rise today to submit a resolution expressing the Sense of the Senate that the Citizens' Stamp Advisory Commission should issue a postage stamp honoring Diwali. Diwali, known…

Wayne Allard
Sen. Wayne AllardR-CO · Jan 7, 2003

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, we also are in morning business; is that correct? I thank the Chair. (The remarks of Mr. ALLARD…

Bill Text

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Introduced in SenateIssued January 7, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 98 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 98

To amend the Bank Holding Company Act of 1956, and the Revised Statutes
of the United States, to prohibit financial holding companies and
national banks from engaging, directly or indirectly, in real estate
brokerage or real estate management activities, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

January 7, 2003

Mr. Allard (for himself, Mrs. Clinton, Mr. Shelby, Mr. Feingold, Mr.
Burns, Mr. Sessions, Mr. Harkin, and Mr. Corzine) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing and Urban Affairs

_______________________________________________________________________

A BILL

To amend the Bank Holding Company Act of 1956, and the Revised Statutes
of the United States, to prohibit financial holding companies and
national banks from engaging, directly or indirectly, in real estate
brokerage or real estate management activities, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Community Choice in Real Estate Act
of 2003''.

SEC. 2. CLARIFICATION THAT REAL ESTATE BROKERAGE AND MANAGEMENT
ACTIVITIES ARE NOT BANKING OR FINANCIAL ACTIVITIES.

(a) Bank Holding Company Act of 1956.--Section 4(k) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1843(k)) is amended by adding at
the end the following new paragraph:
``(8) Real estate brokerage and real estate management
activities.--
``(A) In general.--The Board may not determine that
real estate brokerage activity or real estate
management activity is an activity that is financial in
nature, is incidental to any financial activity, or is
complementary to a financial activity.
``(B) Real estate brokerage activity defined.--For
purposes of this paragraph, the term `real estate
brokerage activity' means any activity that involves
offering or providing real estate brokerage services to
the public, including--
``(i) acting as an agent for a buyer,
seller, lessor, or lessee of real property;
``(ii) listing or advertising real property
for sale, purchase, lease, rental, or exchange;
``(iii) providing advice in connection with
sale, purchase, lease, rental, or exchange of
real property;
``(iv) bringing together parties interested
in the sale, purchase, lease, rental, or
exchange of real property;
``(v) negotiating, on behalf of any party,
any portion of a contract relating to the sale,
purchase, lease, rental, or exchange of real
property (other than in connection with
providing financing with respect to any such
transaction);
``(vi) engaging in any activity for which a
person engaged in the activity is required to
be registered or licensed as a real estate
agent or broker under any applicable law; and
``(vii) offering to engage in any activity,
or act in any capacity, described in clause
(i), (ii), (iii), (iv), (v), or (vi).
``(C) Real estate management activity defined.--For
purposes of this paragraph, the term `real estate
management activity' means any activity that involves
offering or providing real estate management services
to the public, including--
``(i) procuring any tenant or lessee for
any real property;
``(ii) negotiating leases of real property;
``(iii) maintaining security deposits on
behalf of any tenant or lessor of real property
(other than as a depository institution for any
person providing real estate management
services for any tenant or lessor of real
property);
``(iv) billing and collecting rental
payments with respect to real property or
providing periodic accounting for such
payments;
``(v) making principal, interest,
insurance, tax, or utility payments with
respect to real property (other than as a
depository institution or other financial
institution on behalf of, and at the direction
of, an account holder at the institution);
``(vi) overseeing the inspection,
maintenance, and upkeep of real property,
generally; and
``(vii) offering to engage in any activity,
or act in any capacity, described in clause
(i), (ii), (iii), (iv), (v), or (vi).
``(D) Exception for company property.--This
paragraph does not apply to an activity of a bank
holding company or any affiliate of such company that
directly relates to managing any real property owned by
such company or affiliate, or the purchase, sale, or
lease of property owned, or to be used or occupied, by
such company or affiliate.''.
(b) Revised Statutes of the United States.--Section 5136A(b) of the
Revised Statutes of the United States (12 U.S.C. 24a(b)) is amended by
adding at the end the following new paragraph:
``(4) Real estate brokerage and real estate management
activities.--
``(A) In general.--The Secretary may not determine
that real estate brokerage activity or real estate
management activity is an activity that is financial in
nature, is incidental to any financial activity, or is
complementary to a financial activity.
``(B) Definitions.--For purposes of this paragraph,
the terms `real estate brokerage activity' and `real
estate management activity' have the same meanings as
in section 4(k)(8) of the Bank Holding Company Act of
1956.
``(C) Exception for company property.--This
paragraph does not apply to an activity of a national
bank, or a subsidiary of a national bank, that directly
relates to managing any real property owned by such
bank or subsidiary, or the purchase, sale, or lease of
property owned, or to be owned, by such bank or
subsidiary.''.
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