PIERRE | Credit unions in South Dakota shouldn’t need broker licenses for participating in real-estate transactions, the state House of Representatives decided Wednesday.

The vote was 46-19. The Senate gets HB 1032 next.

Rep. Tom Pischke, R-Dell Rapids, said the legislation clarifies credit unions are exempt from broker license requirements.

“The real estate commission has no record of receiving complaints about credit unions,” Pischke said.

Credit unions operate under federal regulations.

He added, "So basically what we’re saying here is, a vote for this bill is a vote against double regulation."

Get news headlines sent daily to your inbox

Rep. Hugh Bartels, R-Watertown, said credit unions receive transaction fees. The career banker asked House members to help make a statement by voting against the exemption.

"There’s really no way for us to keep in check the corporate powers of a credit union," Bartels said.

0
0
0
0
0
You must be logged in to react.
Click any reaction to login.