Bill > HB1703

This bill requires business entities, referred to as "institutional buyers" which include corporations, limited liability companies, limited partnerships, and limited liability partnerships, that purchase or acquire residential rental property in Tennessee to register that property with the secretary of state. Residential rental property is defined as real estate with one or more dwelling units rented out for people to live in. This registration, which must be done by January 1, 2027, or within 60 days of acquiring the property, aims to help state and local governments monitor and enforce health, safety, and housing standards. The registration will require specific information such as the buyer's name, the property's address, the registered agent's information in Tennessee, and contact details for a person responsible for managing the property, along with the number of rental units. Failure to register can result in a civil penalty of up to $2,000 per violation. The information collected will be made publicly available online. The secretary of state is authorized to create rules to implement this act, with the rule-making process beginning upon the bill's enactment and the main provisions taking effect on January 1, 2027.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1703&ga=114