Tennessee § 62-25-103 - License requirements — Rules and regulations — Enforcement of chapter — Penalties.

§ 62-25-103. License requirements — Rules and regulations — Enforcement of chapter — Penalties.

It is unlawful for any person to engage in the business or capacity of a rental location agent in this state without first having obtained a license from the real estate commission. A license held by a real estate broker or real estate salesperson employed by a licensed real estate broker is deemed to satisfy the license requirements of this chapter. The application for the license shall be filed in the office of the real estate commission on the forms and accompanied by the fee that the commission may prescribe. All licenses shall expire two (2) years from the date the license was issued or renewed. In order to effectuate the purposes of this chapter, the commission shall have the power to promulgate all necessary rules and regulations. The real estate commission may apply to a court of competent jurisdiction for an order enjoining any act or practice that constitutes a violation of this chapter. Upon a finding by the court that there are reasonable grounds to believe that a person is engaging in any such act or practice or is about to engage in any such act or practice, an injunction, a restraining order or any other appropriate order shall be granted by the court, regardless of the existence of another remedy. Any proceeding for relief pursuant to this section shall be in accordance with the Tennessee rules of civil procedure. Every rental location agent shall secure a bond executed to the state of Tennessee by a surety company duly authorized to do business in this state. The bond shall be in a form approved by the district attorney general and shall be for the use and benefit of any person who may be injured or aggrieved by the wrongful act or default of the rental location agent. Any person so injured or aggrieved may bring an action in the person's own name on the bond without assignment thereof. The bond required by subdivisions (e)(1) and (2) shall be in the amount of ten thousand dollars ($10,000); provided, that the bond may be in the amount of two thousand five hundred dollars ($2,500) for any rental location agent employed by a corporation, partnership, firm or association that is licensed under this chapter. The bond shall be in full force and effect at all times and places in which the licensee acts as a rental location agent in this state. Each bond secured pursuant to this subsection (e) shall be recorded in the office of the clerk of the county in which the licensee maintains an office or is employed. Until the bond is so recorded, the holder of the license shall not exercise any of the rights and privileges conferred in the license. Any licensed real estate broker or affiliate broker who has obtained a bond in accordance with chapter 13 of this title need not secure an additional bond under this chapter; however, § 62-13-306 [repealed] shall apply with respect to any wrongful act or default of a broker or affiliate broker occurring in the broker's or affiliate broker's capacity as a rental location agent. A violation of this section is a Class C misdemeanor. Acts 1978, ch. 663, § 3; 1981, ch. 298, § 1; T.C.A., § 62-2503; Acts 1982, ch. 864, § 17; 1989, ch. 591, § 113; 2005, ch. 252, § 3. Compiler's Notes. Former § 62-13-306 , referred to in subdivision (e)(5), was repealed by Acts 1984, ch. 810, § 7, which act enacted § 62-13-208 concerning the real estate education and recovery account. Cross-References. Director of division of regulatory boards to promulgate rules establishing renewal dates of licenses, certificates or permits, § 56-1-302 . Penalty for Class C misdemeanor, § 40-35-111 .