Top Legislation - View All
Latest Action: 03/14/2007 - Assigned to Subcommittee Civil Practice and Procedure of JUD Bill TextLiens - Prohibits lender from charging for release of lien or furnishing statement showing amount necessary to obtain release; authorizes debtor to release lien in certain circumstances if lender has not done so in a timely fashion. - Amends TCA Title 8, Chapter 21, Part 10; Title 66, Chapter 25, Part 1 and Title 66, Chapter 24. Fiscal Summary for *HB2188 Increase Local Govt. Revenues - Not Significant Increase Local Govt. Expenditures - Not Significant Bill Summary for *HB2188 This bill prohibits a lien holder from making any charge to any borrower for the release of such lien or for furnishing any statement showing the amount necessary to obtain a release. A borrower's demand for a balance statement would be furnished by the lien holder within 48 hours of the request. This bill also allows a borrower who has paid a lien in full and who had petitioned the lien holder at least two times for a release, to no avail, to file [...] show full description
Latest Action: 06/06/2007 - Companion became Public Chapter 286 Bill TextMortgages - Specifies that the definition of "commercial real estate" used in the Residential Closing Funds Distribution Act of 2005 applies only in that part. - Amends TCA Section 47-32-102. Fiscal Summary for *HB0680 / SB1159MINIMAL
Latest Action: 04/24/2007 - Taken Off Notice For Calendar in Subcommittee Utilities, Banking and Small Business of Commerce of Commerce Committee Bill TextMortgages - Requires closings for all loans for residential real property to be held in office of lender or agent of lender; limits period for prepayment penalty to no longer than 24 months after date of consummation of loan of $100,000 or less for home improvements to owner-occupied residence where residence is collateral for loan. - Amends TCA Title 45 and Title 47. Fiscal Summary for HB2131 / *SB1712Increase State Revenues - Not Significant Increase State Expenditures - Not Significant
Latest Action: 03/06/2007 - Assigned to Subcommittee Utilities & Banking of COM Bill TextCompanion Bill SB2304. Mortgages - Revises the Residential Closing Funds Distribution Act to prohibit certain contractual provisions concerning the selection or use of specific real estate settlement agents or attorneys and to provide for a violation thereof. - Amends TCA Title 47, Chapter 32, Part 1. Fiscal Summary for *HB2189 / SB2304Increase State Expenditures - Not Significant Bill Summary for *HB2189 / SB2304 This bill specifies that any clause in a real estate contract that mandates the selection or use of a particular attorney or settlement agent is unenforceable. Also, this bill prohibits any party to a real estate closing from attempting to enforce against another party to the contract any clause that requires the election or use of a particular attorney or settlement agent. Any party that attempts to enforce any contract [...] show full description
Latest Action: 06/06/2007 - Public Chapter 286 Bill TextMortgages - Specifies that the definition of "commercial real estate" used in the Residential Closing Funds Distribution Act of 2005 applies only in that part. - Amends TCA Section 47-32-102. Fiscal Summary for SB1159 / *HB0680MINIMAL
Latest Action: 02/12/2007 - Passed second consideration, Referred to Senate C,L&A Comm. Bill TextMortgages - Requires closings for all loans for residential real property to be held in office of lender or agent of lender; limits period for prepayment penalty to no longer than 24 months after date of consummation of loan of $100,000 or less for home improvements to owner-occupied residence where residence is collateral for loan. - Amends TCA Title 45 and Title 47. Fiscal Summary for *SB1712 / HB2131Increase State Revenues - Not Significant Increase State Expenditures - Not Significant
Latest Action: 04/24/2007 - Assigned to Gen. Sub of: Senate C,L&A Comm. Bill TextCompanion Bill HB2189. Mortgages - Revises the Residential Closing Funds Distribution Act to prohibit certain contractual provisions concerning the selection or use of specific real estate settlement agents or attorneys and to provide for a violation thereof. - Amends TCA Title 47, Chapter 32, Part 1. Fiscal Summary for SB2304 / *HB2189Increase State Expenditures - Not Significant Bill Summary for SB2304 / *HB2189 This bill specifies that any clause in a real estate contract that mandates the selection or use of a particular attorney or settlement agent is unenforceable. Also, this bill prohibits any party to a real estate closing from attempting to enforce against another party to the contract any clause that requires the election or use of a particular attorney or settlement agent. Any party that attempts to enforce any contract [...] show full description
Latest Action: 03/19/2008 - Public Chapter 627 Bill TextTennessee Housing Development Agency - Increases the maximum aggregate principal amount of bonds and notes that the Tennessee housing development agency may have outstanding at any one time, from $2,050,000,000 to $2,930,000,000. - Amends TCA Section 13-23-121. Fiscal Summary for *SB2641 / HB2639Increase State Revenue - Not Significant
Latest Action: 03/19/2008 - Companion became Public Chapter 627 Bill TextTennessee Housing Development Agency - Increases the maximum aggregate principal amount of bonds and notes that the Tennessee housing development agency may have outstanding at any one time, from $2,050,000,000 to $2,930,000,000. - Amends TCA Section 13-23-121. Fiscal Summary for HB2639 / *SB2641Increase State Revenue - Not Significant
Latest Action: 05/16/2008 - Placed on Subcommittee Calendar Budget of Finance, Ways and Means for 05/20/2008 Bill TextCompanion Bill SB3535. Mortgages - Establishes the Homeowner's Emergency Mortgage Assistance Fund and delays foreclosure actions under specific circumstances. - Amends TCA Title 7; Title 13 and Title 45. Fiscal Summary for *HB2963 / SB3535Other Fiscal Impact - In order to implement the program as proposed, a minimum of $195,000,000 in state funds will need to be appropriated to the Homeowners Emergency Mortgage Assistance Fund. Such amount is assumed to be sufficient for start-up expenditures incurred by THDA to launch the program and for resolving current mortgagor delinquency. However, more will be required if future delinquency is taken into consideration. Bill Summary for *HB2963 / SB3535 This bill establishes the Homeowner's Emergency Mortgage Assistance Fund to provide mortgage assistance to eligible mortgagors. The assistance would be [...] show full description
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Latest Legislation - View All
Latest Action: 05/08/2008 - Companion became Public Chapter 821 Bill TextCompanion Bill SB4160. Mortgages - Revises and adds various provisions governing persons in the mortgage industry, including requiring applicants for a license as a mortgage lender, mortgage loan broker, mortgage loan servicer, or mortgage loan originator to complete an educational training course; requires criminal background checks; authorizes participation in multi-state automated licensing system. - Amends TCA Title 45, Chapter 13. Fiscal Summary for *HB4116 / SB4160Increase State Expenditures - Not Significant Bill Summary for *HB4116 / SB4160 This bill revises various portions of the Tennessee Residential Lending, Brokerage and Servicing Act of 1988, as follows: (1) This bill authorizes the commissioner of commerce and insurance to require the following persons to consent to a criminal history records check and to provide a set of [...] show full description
Latest Action: 02/13/2008 - Assigned to Subcommittee Utilities, Banking and Small Business of COM Bill TextCompanion Bill SB2994. Mortgages - Increases home loans subject to Home Loan Protection Act and includes yield spread premiums in definition of points and fees. - Amends TCA Title 45, Chapter 13 and Title 45, Chapter 20. Fiscal Summary for HB4134 / *SB2994Increase State Revenue - Not Significant Increase State Expenditures - Not Significant Increase Local Revenue - Not Significant Increase Local Expenditures - Not Significant Bill Summary for HB4134 / *SB2994 The Tennessee Home Loan Protection Act regulates the making of high-cost loans. This bill revises various provisions of that Act, as follows: (1) Under present law, "home loan" means a loan in which the principal amount of the loan does not exceed the lesser of the conforming loan size limit for a single-family dwelling as established by the federal national mortgage association [...] show full description
Latest Action: 05/08/2008 - Public Chapter 821 Bill TextCompanion Bill HB4116. Mortgages - Revises and adds various provisions governing persons in the mortgage industry, including requiring applicants for a license as a mortgage lender, mortgage loan broker, mortgage loan servicer, or mortgage loan originator to complete an educational training course; requires criminal background checks; authorizes participation in multi-state automated licensing system. - Amends TCA Title 45, Chapter 13. Fiscal Summary for SB4160 / *HB4116Increase State Expenditures - Not Significant Bill Summary for SB4160 / *HB4116 This bill revises various portions of the Tennessee Residential Lending, Brokerage and Servicing Act of 1988, as follows: (1) This bill authorizes the commissioner of commerce and insurance to require the following persons to consent to a criminal history records check and to provide a set of [...] show full description
Latest Action: 04/01/2008 - Taken Off Notice For Calendar in Subcommittee Utilities, Banking and Small Business of Commerce of Commerce Committee Bill TextCompanion Bill SB3780. Mortgages - Requires licensing of mortgage originators and requires mortgage services licensees to complete continuing education. - Amends TCA Title 45, Chapter 13 and Title 45, Chapter 20. Fiscal Summary for HB3778 / *SB3780Increase State Revenue - $1,100,000/One-Time $5,500,000/Recurring Increase State Expenditures - $6,000/One-Time $244,100/Recurring Bill Summary for HB3778 / *SB3780 Present law requires registration of mortgage loan originators. This bill changes present law by requiring mortgage loan originators to be licensed instead of registered. This bill requires each application for renewal of a mortgage lender or loan originator license to include evidence of the completion of at least 12 hours of continuing education, including two hours of instruction [...] show full description
Latest Action: 04/01/2008 - Taken Off Notice For Calendar in Subcommittee Utilities, Banking and Small Business of Commerce of Commerce Committee Bill TextCompanion Bill SB3811. Mortgages - Requires licensed mortgage lenders and registered loan originators to complete continuing education. - Amends TCA Title 45, Chapter 13 and Title 45, Chapter 20. Fiscal Summary for HB3785 / *SB3811Increase State Expenditures - Not Significant Bill Summary for HB3785 / *SB3811 This bill requires each application for renewal of a mortgage lender license or a loan originator registration to include evidence of the completion of at least 12 hours of continuing education, including two hours of instruction on the Tennessee Home Loan Protection Act and one hour of ethics training. This bill would not apply to the following: (1) Licensees and registrants not licensed or registered for one full year prior to the end of the applicable continuing education year; and (2) Licensees and registrants [...] show full description
Latest Action: 04/16/2008 - Taken Off Notice For Calendar in: Judiciary Committee Bill TextCompanion Bill SB3916. Mortgages - Allows, under certain circumstances, an attorney to execute and record an affidavit showing that a mortgagee received full payment in accordance with the payoff statement issued by the mortgagee and, thereby, to obtain a formal deed of release of the lien on the real property. - Amends TCA Title 66, Chapter 25. Fiscal Summary for *HB3763 / SB3916MINIMAL Bill Summary for *HB3763 / SB3916 Under present law, when a debt secured by a mortgage, deed of trust, or by lien retained in a deed of conveyance of land or bill of sale, or other instrument, has been fully paid or satisfied, the mortgagee, transferee, or assignee of the mortgagee or the legal holder of the debt secured by deed of trust or lien, who has received payment or satisfaction of the debt, must satisfy the record by a formal deed of release. [...] show full description
Latest Action: 04/15/2008 - Assigned to Gen. Sub of: Senate Jud Comm. Bill TextCompanion Bill HB3763. Mortgages - Allows, under certain circumstances, an attorney to execute and record an affidavit showing that a mortgagee received full payment in accordance with the payoff statement issued by the mortgagee and, thereby, to obtain a formal deed of release of the lien on the real property. - Amends TCA Title 66, Chapter 25. Fiscal Summary for SB3916 / *HB3763MINIMAL Bill Summary for SB3916 / *HB3763 Under present law, when a debt secured by a mortgage, deed of trust, or by lien retained in a deed of conveyance of land or bill of sale, or other instrument, has been fully paid or satisfied, the mortgagee, transferee, or assignee of the mortgagee or the legal holder of the debt secured by deed of trust or lien, who has received payment or satisfaction of the debt, must satisfy the record by a formal deed of release. [...] show full description
Latest Action: 01/24/2008 - Passed second consideration, caption bill, held on desk - pending amdt. Bill TextMortgages - Requires department of financial institutions to report annually on number of legal actions brought pursuant to Tennessee Home Loan Protection Act to chair of house commerce committee and chair of senate commerce, labor and agriculture committee. - Amends TCA Title 45 and Title 47. Fiscal Summary for HB3392 / *SB3818Increase State Expenditures - Not Significant
Latest Action: 03/12/2008 - Assigned to Subcommittee Utilities, Banking and Small Business of COM Bill TextCompanion Bill SB3834. Mortgages - Requires mortgage counselor be consulted before an adjustable rate mortgage can be completed. - Amends TCA Title 47. Fiscal Summary for *HB3345 / SB3834 MINIMAL Bill Summary for *HB3345 / SB3834 This bill prohibits a person, firm, or corporation from engaging in the business of making adjustable rate mortgage loans, unless the person, firm, or corporation is an authorized lender. Prior to accepting an application for an adjustable rate mortgage loan, an authorized lender must refer the borrower to a counselor and must receive certification from the counselor that all borrowers have received counseling. Any adjustable rate mortgage loan that does not contain certification from a counselor may be invalidated and converted to a fixed rate loan at the prime interest rate at a competing financial [...] show full description
Latest Action: 01/30/2008 - Assigned to Subcommittee Utilities, Banking and Small Business of COM Bill TextMortgages - Authorizes commissioner of financial institutions to participate in the national mortgage licensing system. - Amends TCA Title 45. Fiscal Summary for *HB3132 / SB3281Increase State Expenditures - Not Significant
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