Update/Memo
Please see attached a comprehensive bill report and legislative calendar for next week below.
Both Chambers are set to take up the budget this week, which is their only constitutional requirement. Upon passage of the budget, the General Assembly will then consider any bills that have been placed behind the budget before adjourning for the year. As we near the close of Session, please do not hesitate to reach out to our team if you have any questions or concerns.
- HB780/SB771, an Administration bill that makes various changes affecting professional boards, has passed the Senate Commerce & Labor Committee and is set for House Finance, Ways & Means Subcommittee this week. Relevant changes to the Broker’s Act which affect Tennessee REALTORS® include:
- Allows broader access to reserve funds by the Department for one-time expenses.
- Removes requirement that an applicant must be a resident of Tennessee for at least 45 days to get a license. This requirement was ruled unconstitutional by the AG 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.
