Senate Bill 1693 aims to enhance the monitoring and enforcement of health, safety, and housing standards for residential rental properties owned by business entities in Tennessee. The bill introduces a new part to Tennessee Code Annotated, Title 66, Chapter 2, which defines "institutional buyer" as any corporation or partnership that acquires residential rental property in the state. It mandates that these institutional buyers register their properties with the Secretary of State starting January 1, 2027. The registration must include specific information such as the buyer's name, property addresses, and contact details for a responsible individual.

Additionally, the bill establishes penalties for non-compliance, allowing the Secretary of State to impose civil fines of up to $2,000 for each violation of the registration requirement. The information collected through this registration process will be made publicly accessible in a searchable format. The Secretary of State is also authorized to create rules to implement the provisions of this act, which will take effect upon becoming law for rule promulgation purposes, while the full registration requirements will be enforced starting January 1, 2027.