Bill > HB200

This bill requires the Department of the Environment to create and maintain a standardized form for disclosing flood risk information to potential buyers of residential real property, starting July 1, 2027. This form will detail whether a property is located in a special flood hazard area (an area with a 1% chance of annual flooding, also known as the 100-year floodplain) or a moderate-risk flood hazard area (an area with a 0.2% chance of annual flooding, also known as the 500-year floodplain), if flood insurance is federally required, any past flood damage aid received from federal agencies like FEMA (Federal Emergency Management Agency), whether the seller currently has flood insurance, the availability of a FEMA Elevation Certificate (a document certifying official elevation and building data for properties in special flood hazard areas), and any known past flood damage or water issues on the property. The bill also specifies that this disclosure requirement applies to residential properties with four or fewer single-family units, with certain exceptions such as the initial sale of a newly built or recently occupied home, transfers exempt from transfer tax (with some exceptions like land installment contracts), sales by lenders after foreclosure, sheriff's or tax sales, transfers by fiduciaries, and conversions to non-residential use.