House Bill 298, also known as the "Homes not Hedge Funds Act," aims to address the issue of housing market manipulation in Tennessee, particularly concerning the purchase of single-family homes by business entities for rental purposes. The bill introduces new legal language to Tennessee Code Annotated, specifically adding a new part to Title 13, Chapter 3. It defines key terms such as "affiliate," "individual," "person," "qualifying county," and "single-family home." The legislation prohibits any person or their affiliates from purchasing a single-family home in a qualifying county for non-residential use if they already own 100 or more single-family homes primarily used for rental.

The bill also empowers the attorney general to initiate civil actions against violators and allows individuals harmed by such violations to seek legal recourse. Courts may impose civil penalties of up to $100 per day for each home acquired in violation of the law and can award various remedies, including compensatory and punitive damages. Additionally, the bill provides for the potential joint liability of interested parties if a defendant cannot pay the awarded amount. The act is set to take effect upon becoming law and applies to contracts for single-family homes entered into thereafter.