| Old | New | Differences | |
|---|---|---|---|
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| 10 | - | J enne&See Senate | |
| 11 | - | PUBLIC CHAPTER NO. 72 | |
| 12 | - | SENATE BILL NO. 909 | |
| 13 | - | By Haile, Campbell | |
| 14 | - | Substituted for: House Bill No. 781 | |
| 15 | - | By Greg Martin, Hakeem, Behn, White | |
| 16 | - | AN ACT to amend Tennessee Code Annotated, Title 47 and Title 66, relative to wholesaling real | |
| 17 | - | property. | |
| 1 | + | ||
| 2 | + | SENATE BILL 909 | |
| 3 | + | By Haile | |
| 4 | + | ||
| 5 | + | HOUSE BILL 781 | |
| 6 | + | By Martin G | |
| 7 | + | ||
| 8 | + | ||
| 9 | + | HB0781 | |
| 10 | + | 001494 | |
| 11 | + | - 1 - | |
| 12 | + | ||
| 13 | + | AN ACT to amend Tennessee Code Annotated, Title 47 | |
| 14 | + | and Title 66, relative to wholesaling real property. | |
| 15 | + | ||
| 18 | 16 | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: | |
| 19 | - | SECTION 1. Tennessee Code Annotated, Title 66, Chapter 4, is amended by adding | |
| 20 | - | following language as a new part: | |
| 17 | + | SECTION 1. Tennessee Code Annotated, Title 66, Chapter 4, is amended by adding | |
| 18 | + | the following language as a new part: | |
| 21 | 19 | 66-4-401. Part definitions. | |
| 22 | - | As used in this part, "equitable interest" means the right of a buyer to benefit | |
| 23 | - | ||
| 24 | - | ||
| 25 | - | ||
| 20 | + | As used in this part, "equitable interest" means the right of a buyer to benefit or | |
| 21 | + | profit from real property after the buyer has entered into a contract for the purchase or | |
| 22 | + | sale of real property with a seller, but before the legal title has been transferred from the | |
| 23 | + | seller to the buyer. | |
| 26 | 24 | 66-4-402. Wholesaling real property. | |
| 27 | 25 | A buyer who enters into a contract with a seller to purchase real property | |
| 28 | 26 | engages in the act of wholesaling the real property when the buyer, after entering into | |
| 29 | - | the contract with the seller, assigns the buyer's equitable interest in the real property | |
| 30 | - | to a subsequent purchaser for a higher price than the buyer paid for the real property. | |
| 31 | - | 66-4-403. Requirements for a buyer engaging in wholesaling real property - | |
| 32 | - | Action for violation of this part -Scope of this part. | |
| 33 | - | (a)(1) A buyer who has entered into a contract with a seller to purchase real | |
| 34 | - | property may engage in wholesaling the real property if the buyer discloses | |
| 35 | - | the following information in writing to: | |
| 27 | + | the contract with the seller, assigns the buyer's equitable interest in the real property to a | |
| 28 | + | subsequent purchaser for a higher price than the buyer paid for the real property. | |
| 29 | + | 66-4-403. Requirements for a buyer engaging in wholesaling real property – | |
| 30 | + | Action for violation of this part – Scope of this part. | |
| 31 | + | (a) | |
| 32 | + | (1) A buyer who has entered into a contract with a seller to purchase real | |
| 33 | + | property may engage in wholesaling the real property if the buyer discloses the | |
| 34 | + | following information in writing to: | |
| 35 | + | ||
| 36 | + | ||
| 37 | + | - 2 - 001494 | |
| 38 | + | ||
| 36 | 39 | (A) A potential subsequent purchaser or assignee, the nature of | |
| 37 | 40 | the buyer's equitable interest in the real property; and | |
| 38 | 41 | (B) The seller of the property, the buyer's intent to market its | |
| 39 | - | equitable interest prior to execution of the contract, and the effective | |
| 40 | - | date of any assignment of the buyer's interest to a subsequent | |
| 41 | - | purchaser of the real property at least three (3) business days prior to | |
| 42 | - | the effective date of any assignment, if the contract allows for such | |
| 43 | - | assignment. | |
| 42 | + | equitable interest prior to execution of the contract, and the effective date | |
| 43 | + | of any assignment of the buyer's interest to a subsequent purchaser of | |
| 44 | + | the real property at least three (3) business days prior to the effective | |
| 45 | + | date of any assignment, if the contract allows for such assignment. | |
| 44 | 46 | (2) Disclosures required under subdivision (a)(1) must be in bold, large | |
| 45 | 47 | font print, and included in the written agreement. | |
| 46 | 48 | (b) An action for violation of this part must be commenced within two (2) years | |
| 47 | 49 | after the execution of a contract for purchase and sale of real property. | |
| 48 | - | (c) This part only applies to transactions involving real property. | |
| 49 | - | SECTION 2. The headings in this act are for reference purposes only and do not | |
| 50 | - | part of the law enacted by this act. However, the Tennessee Code Commission is | |
| 51 | - | include the headings in any compilation or publication containing this act. | |
| 50 | + | (c) This part only applies to transactions involving real property. | |
| 51 | + | SECTION 2. The headings in this act are for reference purposes only and do not | |
| 52 | + | constitute a part of the law enacted by this act. However, the Tennessee Code Commission is | |
| 53 | + | requested to include the headings in any compilation or publication containing this act. | |
| 52 | 54 | SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it. | |
| 53 | - | 2 PASSED: | |
| 54 | - | SENATE BILL NO. 909 | |
| 55 | - | March 17, 2025 | |
| 56 | - | LLY | |
| 57 | - | SPEAKER OF TbJE'sENA TE | |
| 58 | - | 41..L'I~ | |
| 59 | - | CAMERONSEXTON,SPEAKER | |
| 60 | - | HOUSE OF REPRESENTATIVES | |
| 61 | - | APPROVED this d-S-t!L day of CY'.1.v.rc.a... 2025 | |
| 62 | - | &zi,~ -BILL LEE, GOVERNOR |