Update/Memo
Please see attached a comprehensive bill report and legislative calendar for next week below.
Of note, Governor Bill Lee’s team will present the Administration’s budget amendment this week in Finance committees. As the end of session approaches, committees in both Chambers have reached their final calendars and started the process of closing for the year.
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- REALTOR®-championed SB569/HB605, which allows for real estate commission checks to be paid to a corporate entity, has been signed into law by Governor Lee and is now effective.
- HB732/SB1033, which as amended, will allow domestic violence victims who believe their safety is in danger to terminate lease agreements under certain circumstances, is set for the House Floor next week. 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.
- SB566, which raises the homestead exemption to 35,000 for individuals and 52,500 for couples, has passed through committees in both Chambers. This legislation is being pushed by the Tennessee Bankers Association and has the support of the Homebuilders Association.
- SB803/HB1064, which Establishes that a landlord is not guilty of negligence for renting or leasing to a person who has been previously convicted of a criminal offense solely because the person had been previously convicted, has passed in the House.
- SB317, which regulates the use of installment land contracts for the conveyance of real property, has been taken off notice. Tennessee REALTORS® opposed this legislation.
- HB918, which exempts a “vacation lodging service” from the tourist accommodation tax, the hotel occupancy tax, and the short-term rental unit marketplace tax; has passed the Senate and is set for House Local Government Committee next week.
