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Bill > HB2382
TN HB2382
TN HB2382AN ACT to amend Tennessee Code Annotated, Title 39, Chapter 15, Part 5; Title 45, Chapter 2, Part 12; Title 45, Chapter 20; Title 47, Chapter 30 and Title 67, Chapter 4, Part 4, relative to reverse mortgages.
summary
Introduced
02/02/2026
02/02/2026
In Committee
03/11/2026
03/11/2026
Crossed Over
03/26/2026
03/26/2026
Passed
Dead
Introduced Session
Potential new amendment
114th General Assembly
Bill Summary
As introduced, enacts the "Tennessee Reverse Mortgage Innovation Act," which authorizes the use of a counselor approved by the department of financial institutions to satisfy the requirement that a buyer involved in a reverse mortgage loan receive independent counseling prior to closing; makes other changes related to reverse mortgage loans. - Amends TCA Title 39, Chapter 15, Part 5; Title 45, Chapter 2, Part 12; Title 45, Chapter 20; Title 47, Chapter 30 and Title 67, Chapter 4, Part 4.
AI Summary
This bill updates Tennessee law regarding reverse mortgages, which are loans for seniors secured by their home that do not require repayment until a future event, such as selling the home or the borrower's death. Primarily, it allows borrowers to satisfy the requirement of receiving independent counseling before closing a reverse mortgage by using a counselor approved by the department of financial institutions, in addition to existing options. The bill also renames the "Home Equity Conversion Mortgage Act" to the "Tennessee Reverse Mortgage Innovation Act" and makes various technical changes to definitions and provisions to reflect this update and to modernize the state's regulations for reverse mortgages, aiming to align with national best practices, expand financial tools for seniors, and maintain consumer protections.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Received from House, Passed on First Consideration (on 03/30/2026)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=HB2382&ga=114 |
| Amendment 1-0 to HB2382 | https://www.capitol.tn.gov/Bills/114/Amend/HA0661.pdf |
| Fiscal Memo for HA0661 (13579) | https://www.capitol.tn.gov/Bills/114/Fiscal/FM1853.pdf |
| Fiscal Note - SB2190 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB2190.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/HB2382.pdf |
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