Amends TCA Title 13, Chapter 3; Title 13, Chapter 4 and Title 66.

Present law governing municipal and regional planning commissions prohibits the owner or the agent of the owner of any land from transferring, selling, agreeing to sell, or negotiating to sell the land by reference to, exhibition of, or by other use of a subdivision plat without first submitting a final subdivision plat to the regional or municipal planning commission, as applicable, and receiving the commission's approval before the final plat is recorded in the appropriate register's office. Also, present law provides that the owner or agent of the owner of any land may sell, transfer, or agree to sell any lot or lots shown on a plat only after that plat has been given final plat approval by the planning commission, and after the approved final plat is recorded in the office of the appropriate county register. The planning commission may grant final plat approval where the infrastructure improvements such as roads, water, sewer, utilities, other infrastructures, and facilities are not completed and accepted by the appropriate entities. For the planning commission to grant final approval, the owner or agent of the owner of the land to be granted final approval must post a bond, letter of credit, or other method of assurance in form, in amount, and with conditions and surety satisfactory to the regional planning commission. This bill revises the prohibition on "selling, agreeing to sell, and negotiating to sell" the property prior to the above-described conditions having been met to instead prohibit a person only from "closing on or transferring" the property prior to the conditions having been met, thereby allowing the person to agree to sell or negotiate to sell the property.