Bill > S777

This bill aims to address discriminatory appraisals of property based on race, creed, color, national origin, or certain other protected characteristics. Key provisions include: 1. Prohibiting real estate appraisers from discriminating in property appraisals based on the protected characteristics of the property buyer, owner, agents, or neighborhood occupants. 2. Establishing penalties for violations, including fines, restitution, mandatory anti-bias training, suspension, and revocation of the appraiser's license or certification. 3. Requiring real estate brokers and mortgage brokers to provide property owners and buyers with information on how to report suspected discriminatory appraisals to the Division on Civil Rights. 4. Mandating the Division on Civil Rights to investigate reports of discriminatory appraisals and forward findings to the State Real Estate Appraiser Board. 5. Directing the Division of Consumer Affairs to publish information about the prohibition on discriminatory appraisals on its website. The bill seeks to address long-standing issues of bias and discrimination in the real estate appraisal process, which can negatively impact property values and homeownership opportunities for marginalized communities.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S777