|
Notice of Effective Date for New Rules of the
Tennessee Real Estate Commission
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.
The Tennessee Real Estate Commission (“Commission”) approved the proposed rules at the rulemaking hearing conducted on November 9, 2022. The rules were filed with the Secretary of State on August 25, 2023, and will become effective November 23, 2023. The first set relates to distance education, and the second set relates to amendments to timeshare rescission right disclosures.
First, the proposed rules amend updates for distance education requirements and guidelines. The rule amendments include specifying the regulations related to printed course materials and asynchronous courses and general additional requirements for licensees to obtain credit for distance education courses. Additionally, new guidelines for students, course providers, and course instructors are created for synchronous distance education courses. A full copy of these rules can be viewed online at:
https://publications.tnsosfiles.com/rules_filings/08-18-23.pdf
Secondly, the proposed rule amendments update the disclosure of rescission rights required for every contract for sale of a time-share interval. The amendments clearly number the three (3) methods of cancellation, and include the added third method of notice, e-mail. Lastly, the proposed rule amendments now require time-share intervals to provide the disclosure of rescission rights exactly as written, which will create conspicuous attention, uniformity, and clarity to this language for all prospective consumer buyers. A full copy of these rules can be viewed online at:
https://publications.tnsosfiles.com/rules_filings/08-19-23.pdf
If you have any questions or concerns regarding the rules, please contact Anna D. Matlock, Associate General Counsel, at (615) 741-3072 or electronically at Anna.Matlock@tn.gov.
|
