Bill > SB1693

This bill requires business entities, referred to as "institutional buyers," such as corporations, limited liability companies, and partnerships, that purchase or acquire residential rental property in Tennessee to register this property with the secretary of state. This registration, which must be completed by January 1, 2027, or within sixty days of acquisition, aims to help state and local governments monitor and enforce housing standards by collecting information including the buyer's name, the property's physical address, the number of rental units, and contact details for a person responsible for managing the property. Failure to register can result in a civil penalty of up to $2,000 per violation, and the registration information will be made publicly available online. The secretary of state is authorized to create rules to implement this act, which will take effect for rule-making purposes upon becoming law and for all other purposes on January 1, 2027.

Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1693&ga=114