Bill > H3839

This bill aims to protect buyers from unknowingly purchasing property located in a flood zone. It requires owners selling or leasing property with an option to purchase to provide a standard notification form to prospective buyers or lessees. This form must include information on the property's history of flooding, its location in a flood zone, and any federal disaster aid or flood insurance requirements. Owners renting property must also provide this form to prospective tenants and obtain a signed statement acknowledging receipt. Failure to comply can result in liability for damages and a penalty of up to $1,000. The bill also designates any violations by a person engaged in trade or commerce as an unfair and deceptive act under the state's consumer protection law.

Justice

https://malegislature.gov/Bills/192/H3839