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Bill > HB0750
TN HB0750
TN HB0750AN ACT to amend Tennessee Code Annotated, Title 66, Chapter 27, relative to reserve studies.
summary
Introduced
01/27/2023
01/27/2023
In Committee
03/21/2023
03/21/2023
Crossed Over
Passed
05/03/2023
05/03/2023
Dead
Signed/Enacted/Adopted
05/03/2023
05/03/2023
Introduced Session
113th General Assembly
Bill Summary
As enacted, requires a board of directors for a unit owners' association to either update a reserve study or conduct a reserve study if certain conditions are met. - Amends TCA Title 66, Chapter 27.
AI Summary
This bill amends Tennessee's laws to require homeowners' associations with common elements exceeding $10,000 in aggregate replacement cost to either update a reserve study (a detailed analysis of the remaining useful life and replacement costs of common elements) every 5 years or conduct a new reserve study by 2025 and update it every 5 years thereafter. The bill aims to help associations plan for and finance the repair and maintenance of their common elements, with some exceptions for condominiums owned by a single owner or a married couple. The bill takes effect on January 1, 2024.
Committee Categories
Business and Industry
Sponsors (12)
Jason Powell (D)*,
Bill Beck (D),
Karen Camper (D),
Scott Cepicky (R),
John Clemmons (D),
Ronnie Glynn (D),
Caleb Hemmer (D),
Darren Jernigan (D),
Bo Mitchell (D),
Jerome Moon (R),
Justin Pearson (D),
Tim Rudd (R),
Last Action
Comp. became Pub. Ch. 205 (on 05/03/2023)
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0750&ga=113 |
| BillText | https://publications.tnsosfiles.com/acts/113/pub/pc0205.pdf |
| Amendment 2-0 to HB0750 | https://www.capitol.tn.gov/Bills/113/Amend/HA0206.pdf |
| Amendment 1-0 to HB0750 | https://www.capitol.tn.gov/Bills/113/Amend/HA0205.pdf |
| Fiscal Memo for HA0206 (4987) | https://www.capitol.tn.gov/Bills/113/Fiscal/FM0536.pdf |
| Fiscal Memo for HA0205 (4542) | https://www.capitol.tn.gov/Bills/113/Fiscal/FM0285.pdf |
| Fiscal Note - HB0750 | https://www.capitol.tn.gov/Bills/113/Fiscal/HB0750.pdf |
| BillText | https://www.capitol.tn.gov/Bills/113/Bill/HB0750.pdf |
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