AN ACT to amend Tennessee Code Annotated, Title 66, relative to property.
Impact
The increase in the financial threshold may affect how property disputes are resolved and could alter the limits on certain transactions that need to be reported or regulated under Tennessee property law. By raising the threshold, the bill could streamline certain processes by reducing the number of cases that fall below the new limit. This may lead to a more efficient legal process regarding smaller property transactions, impacting homeowners and small property owners significantly.
Summary
Senate Bill 2702 aims to amend the Tennessee Code Annotated, specifically Title 66, which pertains to property laws in the state. The main change introduced by this bill is an increase in a certain financial threshold, raising it from two thousand dollars ($2,000) to three thousand dollars ($3,000). This amendment could have implications for various legal and financial matters concerning property transactions and related activities within the state.
Contention
Although the bill has been introduced, detailed discussions regarding its potential implications have not been publicly documented. Nonetheless, any changes in financial thresholds can lead to debates among stakeholders in the real estate sector regarding fairness and accessibility, especially for low-income individuals or families who may find themselves affected by the new limits. Increases in such thresholds can sometimes be contentious, as they may favor certain demographic groups over others, invoking concerns about equitable access to justice in property-related disputes.