PUBLIC CHAPTER NO. 266

                      SENATE BILL NO. 1160

 

                                                       By Black, Kyle, Lowe Finney

                                                 Substituted for: House Bill No. 2095

                                     By Maddox, Casada, Sargent, Coleman, Briley, Litz

An Act to amend Tennessee Code Annotated, Title 62, Chapter 13.

Be It Enacted By The General Assembly Of The State Of Tennessee:

                 Section 1. Tennessee Code Annotated, Section 62-13-302, is amended by designating the existing language as subsection (a) and by adding a new subsection thereto, as follows:

                        (b) A real estate licensee shall not give or pay cash rebates, cash gifts or cash
                 prizes in conjunction with any real estate transaction. As part of the Tennessee
                 Real Estate Commission's general rulemaking authority the commission may regulate
                 the practices of real estate licensees in regard to  gifts, prizes or rebates that are not 
                 otherwise prohibited by law.

                 Section 2. This act shall take effect upon becoming a law, the public welfare requiring it.


Passed: May 14, 2007

 

                                                                                       Ron Ramsey
                                                                                       Speaker of The Senate


                                                                                       Jimmy Naifeh, Speaker
                                                                                       House Of Representatives



Approved this 30th day of May 2007

               Tennesse Law On Cash Rebates, Cash Gifts or Cash Prizes
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