estate brokerage services to the public, includ-
ing— 
‘‘(i) acting as an agent for a buyer, 
seller, lessor, or lessee of real property; 
‘‘(ii) listing or advertising real prop-
erty for sale, purchase, lease, rental, or ex-
change; 
‘‘(iii) providing advice in connection 
with sale, purchase, lease, rental, or ex-
change of real property; 
‘‘(iv) bringing together parties inter-
ested in the sale, purchase, lease, rental, or 
exchange of real property; 
‘‘(v) negotiating, on behalf of any 
party, any portion of a contract relating to 
the sale, purchase, lease, rental, or ex-
change of real property (other than in con-
nection with providing financing with re-
spect to any such transaction); 
‘‘(vi) engaging in any activity for 
which a person engaged in the activity is 
required to be registered or licensed as a 
real estate agent or broker under any ap-
plicable law; and 
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‘‘(vii) offering to engage in any activ-
ity, or act in any capacity, described in 
clause (i), (ii), (iii), (iv), (v), or (vi). 
‘‘(C) REAL ESTATE MANAGEMENT ACTIV-
ITY DEFINED.—For purposes of this paragraph, 
the term ‘real estate management activity’ 
means any activity that involves offering or pro-
viding real estate management services to the 
public, including— 
‘‘(i) procuring any tenant or lessee for 
any real property; 
‘‘(ii) negotiating leases of real prop-
erty; 
‘‘(iii) maintaining security deposits on 
behalf of any tenant or lessor of real prop-
erty (other than as a depository institution 
for any person providing real estate man-
agement services for any tenant or lessor 
of real property); 
‘‘(iv) billing and collecting rental pay-
ments with respect to real property or pro-
viding periodic accounting for such pay-
ments; 
‘‘(v) making principal, interest, insur-
ance, tax, or utility payments with respect 
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to real property (other than as a deposi-
tory institution or other financial institu-
tion on behalf of, and at the direction of, 
an account holder at the institution); 
‘‘(vi) overseeing the inspection, main-
tenance, and upkeep of real property, gen-
erally; and 
‘‘(vii) offering to engage in any activ-
ity, or act in any capacity, described in 
clause (i), (ii), (iii), (iv), (v), or (vi). 
‘‘(D) EXCEPTION
FOR
COMPANY
PROP-
ERTY.—This paragraph shall not apply to an 
activity of a bank holding company or any affil-
iate of such company that directly relates to 
managing any real property owned by such 
company or affiliate, or the purchase, sale, or 
lease of property owned, or to be used or occu-
pied, by such company or affiliate. 
‘‘(E) 
CURRENT
ACTIVITIES
NOT
AF-
FECTED.—No provision of this paragraph, or 
any determination made pursuant to any such 
provision, may be construed as prohibiting, re-
stricting, altering, or otherwise affecting, the 
right, power, or ability of any financial holding 
company to engage in any activity, or acquire 
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