House Bill 1970, also known as the "Tennessee Real Estate Consumer Fraud Protection Act," aims to enhance consumer protections in real estate transactions within the state. The bill amends several sections of the Tennessee Code Annotated, including provisions related to title insurance and the conveyance of real property. Notably, it requires that any foreign title insurance company maintain an office in Tennessee as long as any liability remains outstanding. Additionally, the bill mandates that the premium for title insurance be shared equally between the buyer and seller.

Furthermore, the bill introduces new requirements for contracts involving non-resident purchasers of real property, necessitating the designation of an agent within Tennessee for service of process. It also stipulates that deeds for the conveyance of real property must be prepared by a licensed attorney, who must include their professional responsibility number on the deed. Deeds not prepared by an attorney after July 1, 2026, may be declared void. The act is set to take effect on July 1, 2026, emphasizing the importance of legal oversight in real estate transactions to protect consumers.

Statutes affected:
Introduced: 56-35-109