Bill > HB0569

This bill amends Tennessee law to give purchasers or borrowers in real property transactions the exclusive right to select a settlement agent, who is authorized to provide escrow or closing services, act as a title insurance agency, clear property titles, and produce necessary documentation. Sellers are prohibited from requiring or conditioning the transaction on the use of a specific settlement agent, and these provisions cannot be waived. The bill allows sellers to retain a licensed attorney to represent their interests, with the attorney's role limited to specific legal services such as deed preparation, fee negotiation, document review, and providing legal advice about the closing process. Importantly, if a seller is represented by an attorney, the settlement agent cannot collect transaction-related fees from the seller without the attorney's written consent. The bill defines key terms like mortgage lender, mortgage loan broker, and mortgage loan servicer by referencing existing state law, and is set to take effect on July 1, 2025, with the aim of protecting the rights of purchasers and borrowers in real estate transactions.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0569&ga=114