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TREC - Notification of Statutory Changes 2021, Real Estate Commission 06/21/2021

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Tennessee Real Estate Commission

Notification of Statutory Changes

Pursuant to Tenn. Code Ann. § 4-3-1306(d), you are receiving this notice because you have elected to receive notification by e-mail of certain changes or potential changes to the law applicable to your profession. As such, the Department would notify you of the following Public Chapters that were passed during this legislative session and their effective dates:

Bill Number: HB0605/SB0569
Public Chapter: PC0094: 
Synopsis: This Act allows licensees to receive compensation directly to a business entity solely owned by the licensee and created for the purpose of receiving compensation earned by the licensee for acts regulated by the Commission. Any business entity formed for these purposes is not required to be licensed as long as the sole owner of the entity is licensed by the Commission.
Effective Date: April 7, 2021

Bill Number: HB0780/SB0771
Public Chapter: PC0549: 
Synopsis: This Act amends several provisions of the Tennessee Real Estate Broker License Act of 1973.
This includes many changes to qualifying requirements for the real estate education and recovery account. Specifically, any aggrieved person is permitted to recover from the account for compensatory damages resulting in violations of any statute or rule committed by a licensee without a court order. Aggrieved persons must also notify the Commission of such act in writing, by certified mail, and return receipt requested. Lastly, it is no longer required that aggrieved persons first obtain a valid judgment, terminate all reviews, appeals, judgments, remedies at law, and receive an order from a court of competent jurisdiction directing the Commission to make payment, in order to access funds available in the account.

Additionally, the residency requirement of forty-five (45) days is removed for licensed affiliates, brokers, and time-share salespersons. Additionally, it is no longer required for licenses to be prominently displayed within the office. Licenses may be displayed in the office or otherwise available for public inspection in electronic or hard copy forms. Lastly, all administrative and contested case hearing mailings are required to be sent via registered mail.
Effective Date: October 1, 2021

Bill Number: HB0918/SB0852
Public Chapter: PC0264: 
Synopsis: The Act amends the definition of “short-term rental unit marketplace” as found in the “Short-Term Rental Unit Marketplace” by exempting vacation lodging services. Therefore, vacation lodging services licensed by the Commission are not required to follow the requirements in the “Short-Term Rental Unit Marketplace.”
Effective Date: April 19, 2021

Bill Number: HB0495/SB1076
Public Chapter: PC0483: 
Synopsis: This Act extends the expiration date of permanent rules filed after January 1, 2020, that are scheduled to expire on June 30, 2021. The impacted rules will remain in effect unless are otherwise repealed, amended, or superseded by legislation. This amendment does not impact the effectiveness of rules that conflict with any legislation other than the Uniform Administrative Procedures Act.
Effective Date: May 18, 2021

Bill Number: HB1055/SB1123
Public Chapter: PC0037: 
Synopsis: This Act prohibits any multi-member governmental entity, such as a board or commission, from adopting rules, policies, or guidelines that exempt a member of the entity from the requirements of rules or policies due to their membership of the entity.
Effective Date: March 23, 2021

Dept. of Commerce & Insurance | 500 James Robertson Pkwy | Nashville, TN 37243-0565
(615) 741-2241
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