The disturbing S. 3217 bill is now sailing through the Senate and some real estate investors say it needs to be stopped.
It is The Financial Reform Bill sponsored by Senator Dodd of Connecticut. REIN, Real Estate Investors of Nashville, considers it to be very dangerous.
REIN is urging its members to inform their Congressmen and women to vote against this bill.
The problem is the language which may be interrupted to state real estate investors may not sell more than one property within a 36 month period with a seller held note/installment sale/seller financing.
To sell more than one you will need a mortgage broker’s license.
We need to stay on top of any legislation that could curtail our investing.
Here’s more from around The Internet about S 3217
On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE NO on S.3217, the Restoring American Financial Stability Act of 2010. The legislation being pushed in the Senate includes a massive new regulatory …
The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173), just adopted by the House of Representatives (and sent to the Senate as S.3217) includes language giving more power to the Federal Trade Commission to make general …
Stop The Financial Reform Bill – S. 3217. WHY? In short it grants permanent, unlimited bailout authority to the Federal Reserve. It’s like TARP forever without the nasty, unpopular debates and votes in Congress. …
Read more about S3217