SB 394 - HB 569
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
March 6, 2025
Fiscal Analyst: Laura Moore | Email: laura.moore@capitol.tn.gov | Phone: 615-741-2564
SB 394 - HB 569
SUMMARY OF BILL: Authorizes the purchaser or borrower in a real property transaction
to select their own settlement agent, subject to any rights of approval by a mortgage lender,
mortgage loan broker, or mortgage loan servicer. Authorizes the selected settlement agent to
perform certain duties relative to closing services and titling services. Prohibits a seller from
requiring or placing a condition on a transaction involving the use of a particular settlement agent.
Establishes specific limits on the services a licensed attorney is authorized to perform on behalf of a
seller in such transactions pertaining to escrow or closing. Prohibits the selected settlement agent
from collecting transaction-related fees from a represented seller without the consent of the seller's
attorney.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• The provisions of the proposed legislation are regulated under the Department of
Commerce and Insurance (DCI).
• The legislation is not estimated to result in a significant impact to DCI operations, rules, or
licensing requirements; therefore, any fiscal impact to state or local government is estimated
to be not significant.
IMPACT TO COMMERCE:
NOT SIGNIFICANT
Assumption:
• The proposed legislation will not have a significant impact on jobs or commerce in
Tennessee.
SB 394 - HB 569 2
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director