Bill > S1301

Introduced Session

This bill concerns discriminatory appraisals of property on the basis of race, creed, color, national origin, or certain other characteristics. Under the bill, named the "Fair Appraisals Act," holders of an appraisal license, certificate, or appraisal management company registration, will be subject to fines or have their licenses, certificates, or registrations suspended or revoked, if the holder is found to have discriminated in the appraisal of real estate on the basis of the actual or perceived race, creed, color, national origin, affectional or sexual orientation, sex, gender identity or expression, disability, or other characteristic listed pursuant to New Jersey's "Law Against Discrimination" of the property buyer, property owner, agents of the property buyer or owner, or present owners or occupants of the properties within the neighborhood of the property subject to appraisal. Any appraisal of real estate found to be discriminatory shall be void and of no effect and the holder of the license, certificate, or registration shall be required to make restitution of the cost of the discriminatory appraisal. If the State Real Estate Appraiser Board suspends a holder of a license, certification or registration, then the board is required to notify the holder of the board's rationale in writing. The board must also provide opportunity for a hearing to be held in accordance with the State's Administrative Procedure Act. Additionally, prior to the initiation of a property appraisal, a holder of a license, certification or registration is to provide a property owner or agent of the property owner with a document, given free of charge and in a form and manner prescribed by the State Real Estate Appraiser Board, informing the property owner of the opportunity to report, through the Division on Civil Rights within the Department of Law and Public Safety Internet website or telephone number, any suspicion of a discriminatory appraisal by the holder of a license, certificate, or registration pursuant to the provisions of the bill. When receiving a report of an alleged discriminatory appraisal, the Division on Civil Rights shall ascertain the basis for the allegation and solicit from the complainant relevant demographic information, including but not limited to, the identity of the complainant within the characteristics listed under the bill. The complainant may provide the demographic information solicited by the division on a voluntary basis. Information concerning the prohibition of discriminatory appraisals of property, including the statutory basis for the prohibition, is to be published on the Division of Consumer Affairs website. The bill requires a licensed real estate broker, broker-salesperson, or salesperson to provide, upon first interaction with a property owner or agent of the property owner, a free document informing the property owner of the opportunity to report any suspicion of a discriminatory appraisal. The bill requires a property owner to provide, during a private sale of real estate and upon first interaction with a property buyer or agent of the property buyer, a free document informing the property buyer of the opportunity to report any suspicion of a discriminatory appraisal. The bill requires a licensed mortgage broker, real estate broker, broker-salesperson, or other mortgage salesperson to, within three days of receiving a mortgage loan application, provide a mortgage loan applicant with a document informing the applicant of the opportunity to report any suspicion of a discriminatory appraisal to the Division on Civil Rights in the Department of Law and Public Safety.

AI Summary

Committee Categories

Nellie Pou (D)*,  Troy Singleton (D)*,  Patrick Diegnan (D),  Teresa Ruiz (D),  Shirley Turner (D),  Andrew Zwicker (D), 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)

Official Document