Insurance Companies, Agents, Brokers, Policies - As enacted, requires title insurance agencies that separately represent the buyer and seller in a real estate transaction and agree to an arrangement to share the title insurance premiums, commissions, or other fees paid by the buyer and seller, to provide written notice to the buyer and seller of such sharing arrangement and to receive signed, written acknowledgement from the buyer and seller confirming that they were so notified in writing; makes other related changes. - Amends TCA Title 56, Chapter 35 and Title 66.

SB 394 allows home buyers and borrowers to select their own closing company for real estate transactions in Tennessee. It prohibits sellers from requiring a specific closing company and prevents that company from charging fees to sellers without the written consent of the seller's attorney. Sellers may hire their own attorney to handle closing matters, but the closing company must obtain the attorney's approval before collecting any fees from the seller. This bill directly affects buyers, sellers, closing companies, and title insurance providers involved in property sales.