Senate Bill 2190, also known as House Bill 2382, seeks to amend various sections of the Tennessee Code Annotated related to reverse mortgages. The bill redefines the "Home Equity Conversion Mortgage Act" to the "Tennessee Reverse Mortgage Innovation Act" and makes several key changes to the definitions and regulations surrounding reverse mortgages. Notably, it replaces the term "home equity conversion" with "reverse mortgage" in multiple sections and introduces a new definition for "reverse mortgage" that outlines specific characteristics of such loans, including their non-recourse nature and the requirement for independent counseling prior to closing.

Additionally, the bill removes several existing subdivisions that are deemed unnecessary and updates the requirements for lenders, including the need to notify the commissioner of their intent to make reverse mortgage loans. It also emphasizes the intent of the General Assembly to modernize the chapter to align with best practices nationwide, thereby expanding financial tools for senior homeowners while ensuring strong consumer protections. The bill aims to position Tennessee as a leader in retirement innovation and flexibility.

Statutes affected:
Introduced: 47-30-101, 47-30-102(1)(C), 47-30-102, 47-30-102(4), 47-30-102(6), 47-30-102(7), 47-30-102(8), 47-30-102(11), 47-30-102(12), 47-30-103(b), 47-30-103, 47-30-103(c), 47-30-104, 47-30-107(b)(2), 47-30-107, 47-30-107(b)(3), 47-30-107(b)(4), 47-30-108(a), 47-30-108, 47-30-109(b), 47-30-109, 47-30-115(5), 47-30-115, 47-30-117, 47-30-118, 39-15-509(d)(2)(K), 39-15-509, 45-2-1202(5)(K), 45-2-1202, 45-20-102(9)(D)(iii), 45-20-102, 67-4-409(b)(2), 67-4-409
Amended with HA0661 -- 03/26/2026: 47-30-101, 47-30-102(1)(C), 47-30-102, 47-30-102(4), 47-30-102(6), 47-30-102(7), 47-30-102(8), 47-30-102(11), 47-30-102(12), 47-30-103(b), 47-30-103, 47-30-103(c), 47-30-104, 47-30-107(b)(2), 47-30-107, 47-30-107(b)(3), 47-30-107(b)(4), 47-30-108(a), 47-30-108, 47-30-109(b), 47-30-109, 47-30-115(5), 47-30-115, 47-30-117, 47-30-118, 39-15-509(d)(2)(K), 39-15-509, 45-2-1202(5)(K), 45-2-1202, 45-20-102(9)(D)(iii), 45-20-102, 67-4-409(b)(2), 67-4-409