TN HB1501

Municipalities may require real estate investment trusts (REITs) owning 10 or more dwelling units within city limits to register with the local building code enforcement agency, if approved by a two-thirds vote of the governing body.

REITs must provide their name, telephone number, physical address (no P.O. boxes), and the street address of each dwelling unit they own, lease, or sublease; no registration fee may be charged.

Changes to registration information or property ownership must be reported within 30 days.

Non-compliant REITs face a $50 per week fine, with the right to a hearing after receiving at least 15 days written notice.

Effective date: July 1, 2026.