Bill > HR4247

This bill requires the Department of Housing and Urban Development (HUD) and the Environmental Protection Agency (EPA) to create regulations mandating disclosure of asbestos hazards when residential properties built before 2019 are being sold or leased. Sellers and lessors must disclose any known asbestos presence, provide available hazard evaluation reports, and allow potential buyers or renters a 10-day period to conduct a risk assessment or inspection. The bill requires an Asbestos Warning Statement to be included in all contracts, which explains the potential health risks of asbestos exposure, including lung disease and mesothelioma. Violators can face significant penalties, including civil money penalties, potential injunctions, and liability for three times the damages incurred by the purchaser or lessee. Real estate agents are required to ensure compliance with these disclosure requirements. The bill defines key terms like "asbestos," "asbestos-based hazard," and "risk assessment," and specifies that the regulations will take effect two years after the Act's enactment. The goal is to protect potential residents by ensuring they are fully informed about potential asbestos risks before purchasing or leasing a property.

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https://www.congress.gov/bill/119th-congress/house-bill/4247/all-info