All Roll Calls
Yes: 121 • No: 19
TennesseeHB 2382114th General Assembly (2025-2026)HouseWALLET
AN ACT to amend Tennessee Code Annotated, Title 39, Chapter 15, Part 5; Title 45, Chapter 2, Part 12; Title 45, Chapter 20; Title 47, Chapter 30 and Title 67, Chapter 4, Part 4, relative to reverse mortgages.
Sponsored By: Kevin Vaughan, Kevin (Republican)
Became Law
Mortgages
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
Stronger protections for reverse mortgage borrowers
Reverse mortgages are non-recourse. The lender can only collect from the sale of the home. If the loan breaks this chapter’s rules, the lender cannot collect interest, service fees, or insurance premiums. Before closing, all borrowers must get independent counseling and give proof to the lender. Lenders cannot make you buy an annuity, insurance, or other product to get the loan.
Clear labels and rules for reverse mortgages
The law defines a reverse mortgage as a loan on your main home that pays you now and is repaid later. Your note and deed must be clearly labeled as a reverse mortgage and must name the lender or insurer. A “home equity conversion loan” now means a HUD‑regulated reverse mortgage. This helps you see exactly what you are signing.
More reverse mortgage options beyond FHA
The law lets lenders offer reverse mortgages that are not FHA-insured. These loans must still follow Tennessee rules and other laws. You may see more choices, but costs and features can differ.
Reverse mortgage fees may be higher
The law removes fee limits that were tied to HUD or Fannie Mae. Lenders can set monthly service and insurance fees without those caps. Your reverse mortgage fees can be higher or figured in new ways.
Old reverse mortgage section repealed
The law deletes Section 47-30-118 from the reverse mortgage chapter. The change may remove prior rights or duties in that section. Borrowers and lenders should check the old text to see what changed.
Sponsors & Cosponsors
Sponsor
Kevin Vaughan, Kevin
Republican • House
Cosponsors
T.J. Hardaway, T.J.
Democrat • House
Greg Vital, Greg
Republican • House
Roll Call Votes
Senate vote • 4/20/2026
FLOOR VOTE: Third Consideration 4/20/2026
Yes: 26 • No: 4
House vote • 3/26/2026
HOUSE CALENDAR & RULES COMMITTEE
Yes: 0 • No: 0
House vote • 3/26/2026
FLOOR VOTE: REGULAR CALENDAR AS AMENDED PASSAGE ON THIRD CONSIDERATION 3/26/2026
Yes: 69 • No: 13
House vote • 3/11/2026
HOUSE COMMERCE COMMITTEE
Yes: 19 • No: 2
House vote • 3/4/2026
HOUSE BANKING AND CONSUMER AFFAIRS SUBCOMMITTEE
Yes: 7 • No: 0
Actions Timeline
Pub. Ch. 1027
5/26/2026Effective date(s) 05/19/2026
5/26/2026Signed by Governor.
5/19/2026Transmitted to Governor for his action.
5/7/2026HouseSigned by Senate Speaker
5/5/2026SenateSigned by H. Speaker
4/30/2026HouseEnrolled; ready for sig. of H. Speaker.
4/23/2026HouseSenate substituted House Bill for companion Senate Bill.
4/20/2026SenateAmendment withdrawn. (Amendment 1 - SA1018)
4/20/2026SenatePassed Senate, Ayes 26, Nays 4, PNV 1
4/20/2026SenateReceived from House, Passed on First Consideration
3/30/2026SenateH. adopted am. (Amendment 1 - HA0661)
3/26/2026HousePassed H., as am., Ayes 69, Nays 13, PNV 3
3/26/2026HouseSponsor(s) Added.
3/26/2026HouseEngrossed; ready for transmission to Sen.
3/26/2026HouseH. Placed on Regular Calendar for 3/26/2026
3/19/2026HousePlaced on cal. Calendar & Rules Committee for 3/19/2026
3/18/2026HouseSponsor(s) Added.
3/12/2026HouseRec. for pass. if am., ref. to Calendar & Rules Committee
3/11/2026HouseRec for pass if am by s/c ref. to Commerce Committee
3/4/2026HousePlaced on cal. Commerce Committee for 3/11/2026
3/4/2026HousePlaced on s/c cal Banking & Consumer Affairs Subcommittee for 3/4/2026
2/25/2026HouseP2C, ref. to Commerce Committee
2/5/2026HouseAssigned to s/c Banking & Consumer Affairs Subcommittee
2/5/2026HouseIntro., P1C.
2/4/2026House
Bill Text
HA0661 (Substitute)
3/26/2026
Enrolled / Public Chapter
Fiscal Note
Introduced
SA1018
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