Industry News

Real estate officials issue preemption warning

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An organization of state-level government officials who regulate real estate brokerage businesses has taken a position that national banks shouldn't be exempt from state real estate licensing laws and regulations. "Federal legislation or administrative direction must not contain any provision that exempts national banks or their operating subsidiaries from state or territorial real estate licensing laws and regulations now in place in each jurisdiction," the Association of Real Estate License Law Officials said in a statement today. The policy declaration encompasses both real estate-related activity by national banks and federal preemption of state authority over the banking industry. "We are very concerned that one or both of the above would be the result of any decision that real estate is primarily financial in nature," the officials said. ARELLO is comprised of real estate regulators from 48 states, the District of Columbia, Puerto Rico, Guam and the Virgin Islands and other coun...