Tenn. Code Ann. § 66-27-706: Special assessment levies for nonessential amenities - Requirements - Foreclosure prohibited

(a) A homeowners' association seeking to levy a special assessment on its members for a nonessential amenity must: (1) Pass the assessment by at least a two-thirds (2/3) majority vote of the total members in the homeowners' association; and (2) Provide members with financing or a payment plan over a defined period of time. (b) If a member of the homeowners' association fails to pay a special assessment for a nonessential amenity, then the homeowners' association shall not take a foreclosure action against the property or the member for failure to pay the special assessment. Added by 2024 Tenn. Acts, ch. 691,s 3, eff. 7/1/2024.

(a) A homeowners' association seeking to levy a special assessment on its members for a nonessential amenity must: (1) Pass the assessment by at least a two-thirds (2/3) majority vote of the total members in the homeowners' association; and (2) Provide members with financing or a payment plan over a defined period of time.

(1) Pass the assessment by at least a two-thirds (2/3) majority vote of the total members in the homeowners' association; and

(2) Provide members with financing or a payment plan over a defined period of time.

(b) If a member of the homeowners' association fails to pay a special assessment for a nonessential amenity, then the homeowners' association shall not take a foreclosure action against the property or the member for failure to pay the special assessment.