Depository financial institution prohibited from being licensed.
1. For the purposes of this section, “depository financial institution” means any bank, savings and loan association, savings bank, thrift company, credit union or other institution which:
(a) Holds or receives deposits, savings or share accounts;
(b) Issues certificates of deposit; or
(c) Provides to its customers other depository accounts which are subject to withdrawal by checks, drafts or other instruments or by electronic means to effect payment to a third party.
2. The purposes of this section are to help maintain the separation between depository financial institutions and the business of real estate and to minimize the possibility of unfair competitive activities by depository financial institutions against real estate brokers and salesmen.
3. No depository financial institution or its holding company, parent, subsidiary or affiliate may directly or indirectly be licensed to sell real estate in this State.
Last modified: February 27, 2006