Senate Bill 1786 amends Tennessee Code Annotated, Title 62, Chapter 13, which pertains to real estate licensees. The bill modifies Section 62-13-104(b)(3)(B)(i) by replacing the phrase "Upon application for a firm license" with "Except as provided in subdivision (b)(3)(B)(iv), upon application for a firm license." This change clarifies the conditions under which a firm license can be applied for.

Additionally, the bill introduces a new subdivision (b)(3)(B)(iv), which states that an affiliate broker or broker licensed under this chapter is exempt from obtaining additional licensure or completing the required classroom hours in training programs, as outlined in subdivisions (b)(3)(B)(i) and (ii). However, it stipulates that any vacation lodging services must be supervised by the principal broker of the affiliate broker, broker, or firm. The act is set to take effect upon becoming law, emphasizing the public welfare.

Statutes affected:
Introduced: 62-13-104(b)(3)(B)(i), 62-13-104, 62-13-104(b)(3)(B)