Amends TCA Title 8; Title 13; Title 39; Title 47; Title 66 and Title 71.

This bill authorizes an offeree to cancel a contract or agreement that was entered into following an unsolicited offer to purchase the offeree's real property that was sent through the mail, as discussed below. Under this bill, if an offeror makes an unsolicited offer to purchase real property by sending a written agreement or contract for purchase through the mail to an offeree and the offeror does not use the assistance of a broker who is licensed in this state to make an unsolicited offer, then the offeree may cancel the agreement or contract by mailing written notice of the offeree's election to cancel to the offeror postmarked within 30 days from the date of the confirmation letter (discussed below in (3)). An unsolicited offer to purchase real property by sending a written agreement or contract for purchase through the mail will not be deemed accepted by the offeree until: (1) The offeree signs the agreement or contract; (2) The offeror receives the signed agreement or contract; (3) The offeror sends by mail a letter to the offeree that confirms receipt of the signed agreement or contract, describes the offeree's right to cancel the agreement or contract, describes the manner by which the offeree may cancel; and states the date by which the offeree must cancel; and (4) The offeror registers the signed agreement or contract, and the confirmation letter with the register of deeds in the county in which the applicable real property is located. Cancellation of the agreement or contract under this bill will be without penalty to the offeree. However, the offeree must, within 30 days following cancellation, return all payments made by the offeror to the offeree. The offeree's right to cancellation under this bill may not be waived. This bill provides that a third-party buyer who purchases the real property from the offeror prior to the expiration of the offeree's right to cancellation under this bill takes title to the real property subject to the offeree's right to cancellation. If the offeree exercises the offeree's right to cancellation under this bill, then the title acquired by the third-party buyer is voided and the title immediately returns to the offeree. A violation of this bill by an offeror constitutes an unfair or deceptive act prohibited under the Consumer Protection Act. Generally under the Act, violations are Class B misdemeanors and a person injured by a violation may recover damages, including treble damages in cases of willful or knowing violations. ON MARCH 17, 2022, THE SENATE SUBSTITUTED HOUSE BILL 1946 FOR SENATE BILL 1945, AND RESET HOUSE BILL 1946. ON MARCH 28, 2022, THE SENATE FURTHER CONSIDERED HOUSE BILL 1946, ADOPTED AMENDMENT #1, AND RESET HOUSE BILL 1946, AS AMENDED. AMENDMENT #1 authorizes an offeree to waive the right to cancellation under this bill by executing a sworn affidavit waiving such right contemporaneously with the offeree's execution of the deed and other documents of conveyance of title of the real property. ON APRIL 7, 2022, THE SENATE FURTHER CONSIDERED HOUSE BILL 1946 AND PASSED HOUSE BILL 1946, AS AMENDED.