Senate Bill 1693, also known as House Bill 1703, amends various sections of the Tennessee Code Annotated to establish regulations regarding the ownership of residential rental properties by business entities. The bill introduces a new part to Title 66, Chapter 2, defining "institutional buyer" as any corporation or partnership that acquires residential rental property in Tennessee, and "residential rental property" as real estate leased for residential purposes. The primary aim of this legislation is to enhance state and local government oversight of health, safety, and housing standards by mandating that business entities, both domestic and foreign, register their residential rental properties with the state.

Starting January 1, 2027, institutional buyers will be required to register their acquisitions with the Secretary of State within 60 days of purchase. The registration must include specific information such as the buyer's name, property addresses, and contact details for management personnel. Failure to comply with these registration requirements may result in civil penalties of up to $2,000 per violation. Additionally, the Secretary of State is tasked with making this registration information publicly accessible through a searchable online database. The act will take effect upon becoming law for the purpose of rule promulgation, while the full provisions will be effective from January 1, 2027.