Update/Memo
Of note, Finance & Administration Commissioner Butch Eley presented the Administration’s budget amendment last week. Highlights include a 2-week tax holiday for restaurants and groceries, a $250 million mental health trust fund, and a 25% cut to the remaining professional privilege tax.
The General Assembly has nearly finished its business for the year, and we expect this Legislative Session to adjourn in the coming weeks. If you have any questions or concerns, please do not hesitate to reach out to our team.
- HB732/SB1033, which as amended, will allow domestic violence victims who believe their safety is in danger to terminate lease agreements under certain circumstances, has passed both Chambers. Tennessee REALTORS® was able to work with the sponsors on an amendment to this legislation in an effort to restrict tenants being able to take advantage of any such provision.
- HB1326/SB1507, which would have required land sale contracts to be recorded in the county where the land lies, or in one of the counties the land lies in if the land is in more than one, has been taken off notice. Tennessee REALTORS® opposed this legislation.
- HB780/SB771, an Administration bill which makes various changes affecting professional boards, is set for Senate Commerce & Labor Committee and House Finance, Ways & Means Subcommittee this week. Relevant changes to the Brokers Act which affect Tennessee REALTORS® are laid out below:
- Allows broader access to reserve funds by the Department for one-time expenses.
- Removes requirement that an applicant must be a resident of TN for at least 45 days to get a license. This requirement was ruled unconstitutional by the Attorney General a few years ago and is not currently being practiced by TREC.
- Removes requirement that licenses must be physically hung in offices.
- Simplifies requirements to whom and how funds can be used from education recovery account. Removes that a consumer must have a court order to be able to recover from account and states any person can recover damages resulting from any violation of the Broker’s Act or rule. The Commission will have the authority to decide if and how a person shall be compensated.
