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."
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.