House Decisively Passes NAR-Backed ILC Bill
May 22nd, 2007 by 
babygirl
The U.S. House of Representatives on Monday passed key legislation — strongly supported by the NATIONAL ASSOCIATION OF REALTORS® — that would close a loophole which allows large retailers such as Home Depot to own a type of bank called an industrial loan company, or ILC.
The Industrial Bank Holding Company Act of 2007 (H.R. 698) passed by a landslide: 371-16.
“This is a huge victory for the real estate industry and for the stability of our nation’s economy,” says NAR President Pat V. Combs. “NAR has consistently opposed blurring the lines between banking and commerce.”
Citing dire economic risks, NAR has been a voice against any measure that would weaken the national policy against mixing banks and commerce — either by allowing commercial firms to engage in banking, or by permitting large national banks to engage in commercial activities such as real estate brokerage and management. Read more
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Posted in Housing, Legislation | 