Senate Bill 1985, also known as the "Tennessee Real Estate Consumer Fraud Protection Act," aims to enhance consumer protection in real estate transactions within the state. The bill introduces several amendments to the Tennessee Code Annotated, including a requirement that any foreign title insurance company must maintain an office in Tennessee as long as any liability remains outstanding. Additionally, it mandates that the premium for title insurance be shared equally between the buyer and seller of the property.

Furthermore, the bill stipulates that contracts for the conveyance of real property to non-residents must designate an agent within Tennessee for service of process. It also establishes that deeds for property conveyance must be prepared by a licensed attorney in Tennessee, with the attorney's professional responsibility number included 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, ensuring that these provisions are implemented for the welfare of the public.

Statutes affected:
Introduced: 56-35-109