Bill > S3927

This bill establishes strict penalties and reporting mechanisms to combat discriminatory practices in real estate appraisals. The legislation prohibits appraisers from considering protected characteristics like race, color, religion, sexual orientation, age, marital status, disability, or national origin when conducting property appraisals. For a first violation, appraisers must reimburse the cost of the appraisal and attend an anti-bias seminar; a second violation results in license suspension and similar requirements; and a third violation leads to license revocation. The bill also imposes escalating civil penalties ranging from $10,000 for a first violation to $50,000 for a third violation within five years. Additionally, the legislation requires mortgage brokers, real estate professionals, and property sellers to provide information to applicants and potential buyers about how to report suspected discriminatory appraisals to the Division on Civil Rights. The division is mandated to collect and report aggregate demographic information about discrimination complaints, and the bill ensures that these new provisions complement existing anti-discrimination laws. The act will take effect 180 days after enactment, giving stakeholders time to prepare for the new requirements.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S3927