Bill Restricting Foreign Ownership Of Property In TN Receives Passage In House Local Government Committee
Image Credit: capitol.tn.gov
The Tennessee Conservative [By Adelia Kirchner] –
On Tuesday, a bill to restrict foreign ownership of property within the state of Tennessee was recommended for passage by the House Local Government Committee.
House Bill 0040 (HB0040) is sponsored by Rep. Jay Reedy (R-Erin-District 74). Corresponding Senate Bill 0122 (SB0122) is sponsored by Sen. Frank Niceley (R-Strawberry Plains-District 8) and has yet to receive committee assignment at this time.
This legislation would prohibit non-residential aliens, foreign businesses, foreign governments and their agents, trustees, or fiduciaries, from acquiring real estate in Tennessee only if their respective country appears on the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) Sanctions Programs and Country Information List.
So long as a country remains on this list, they would not be able to buy property in Tennessee. However, if a country rolls off the list, their purchasing ability would be reinstated.
During the bill hearing on February 28th, Rep. Reedy spoke on HB0040 saying, “It’s protecting Tennessee sovereignty from these foreign entities.”
Under this legislation, no liability would be placed on real estate licensees involved or any attorney or title insurance company or agent licensed in this state.
In addition, if a sanctioned country already owns property in Tennessee, it must be registered with the Secretary of State’s Office but the country does not have to divest in it.
“Per this legislation we cannot go back in time.” Rep. Reedy summarized before explaining the origins of what is now HB0040.
“The first genesis of the bill was […] reciprocity. So, any country that didn’t allow you or me to buy property in their country, they could not buy it here. […] Canada owns the largest property amount of any country in the United States. However, if you’re looking to move there or buy property in Canada, residential is fine but then they exclude how many acres you can buy if you’re looking for agriculture. […] That led us to the U.S. Treasury sanction list.”
HB0040 was then passed out of committee by a voice vote and is scheduled to be heard in the Finance, Ways, and Means Subcommittee on March 8th, 2023.
If you want to support this legislation, you can use the information provided below to contact the representatives on this subcommittee.
Rep. Gary Hicks (R) – Chair – rep.gary.hicks@capitol.tn.gov – (615) 741-7480
Rep. Charlie Baum (R) – rep.charlie.baum@capitol.tn.gov – (615) 741-6849
Rep. Scotty Campbell (R) – rep.scotty.campbell@capitol.tn.gov – (615) 741-2050
Rep. Karen Camper (D) – rep.karen.camper@capitol.tn.gov – (615) 741-1898
Rep. Mark Cochran (R) – rep.mark.cochran@capitol.tn.gov – (615) 741-1725
Rep. Jeremy Faison (R) – rep.jeremy.faison@capitol.tn.gov – (615) 741-6871
Rep. Johnny Garrett (R) – rep.johnny.garrett@capitol.tn.gov – (615) 741-3893
Rep. David Hawk (R) – rep.david.hawk@capitol.tn.gov – (615) 741-7482
Rep. Patsy Hazlewood (R) – rep.patsy.hazlewood@capitol.tn.gov – (615) 741-2746
Rep. Harold Love (D) – rep.harold.love@capitol.tn.gov – (615) 741-3831
Rep. Jerome Moon (R) – rep.jerome.moon@capitol.tn.gov – (615) 741-5481
Rep. Johnny Shaw (D) – rep.johnny.shaw@capitol.tn.gov – (615) 741-4538
Rep. Sam Whitson (R) – rep.sam.whitson@capitol.tn.gov – (615) 741-1864
Rep. Ryan Williams (R) – rep.ryan.williams@capitol.tn.gov – (615) 741-1875
About the Author: Adelia Kirchner is a Tennessee resident and reporter for the Tennessee Conservative. Currently the host of Subtle Rampage Podcast, she has also worked for the South Dakota State Legislature and interned for Senator Bill Hagerty’s Office in Nashville, Tennessee. You can reach Adelia at adelia@tennesseeconservativenews.com.
