Bill > H1483

This bill aims to protect buyers from unknowingly purchasing property located in a flood zone. It requires property owners to provide a standard notification form to prospective buyers, lessees, and renters, detailing information about the property's flood history, location within a flood zone, and any related flood insurance requirements. The bill also imposes penalties on owners or real estate agents who fail to comply with these disclosure requirements. The key terms in the bill include "FEMA" (Federal Emergency Management Agency), "flood insurance rate map," and "flood zone." The bill is intended to ensure that individuals have access to critical information about a property's flood risk before making a purchase or rental decision.

Justice

https://malegislature.gov/Bills/193/H1483