Update/Memo
Please see attached a comprehensive bill report and legislative calendar for the coming week below.
The General Assembly has completed its constitutional requirement in passing the Fiscal Year 2021-22 Budget.
The $42.6 billion budget includes pay raises for K-12 teachers and state employees, $250 million into a new mental-health trust fund, $100 million for broadband expansion, $250 million into the state’s pension fund, and $100 million into the state’s rainy-day fund.
With the passage of the budget, the General Assembly is expected to adjourn in the coming week. Any bills that were placed behind the budget will now be heard.
HB780/SB771, an Administration bill which makes various changes affecting professional boards, has passed Senate Commerce & Labor Committee and is set for House Finance, Ways & Means Subcommittee this week. Relevant changes to the Brokers 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 TN 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.
