Codifies prohibition of discriminatory practices in real estate appraisals and requires real estate appraisers to complete anti-bias training.
Impact
The bill modifies existing state laws regarding real estate appraisals by explicitly prohibiting biased evaluations based on protected characteristics. It amends previous legislation (P.L.1991, c.68) to reinforce an inclusive approach to property assessment, thereby enhancing legal protections for minority groups. Furthermore, appraisers will be mandated to attend continuing education that includes fair housing and appraisal bias courses, ensuring that they are better equipped to recognize and combat discrimination.
Summary
Senate Bill 3317 aims to codify the prohibition of discriminatory practices in real estate appraisals and mandates real estate appraisers to complete anti-bias training. This legislation seeks to ensure that factors such as race, color, religion, sex, actual or perceived sexual orientation, gender identity, age, marital status, disability, familial status, and national origin are not considered during property appraisals. The move is part of a broader initiative to combat systemic bias in the real estate industry and promote fair housing practices.
Contention
While this bill is largely supported for its intent to promote equality and diminish discriminatory practices, there may be concerns regarding the implementation of such training requirements and how existing appraisers adjust to these changes. Critics could argue that while the intention is commendable, the enforcement of such provisions might encounter resistance from those who perceive it as unnecessary bureaucratic regulation undermining their professional autonomy. The challenges of monitoring compliance and measuring the effectiveness of such training initiatives could also be a point of debate.
Establishes penalties for appraisers who engage in discriminatory real estate appraisals and requires certain information to be provided to present and prospective owners or occupants of real estate.
Permits State Real Estate Appraiser Board to revoke, suspend, or fine appraisers or appraisal management companies who knowingly engage in discriminatory appraisals of residential property on basis of race or national origin.
Requires State Real Estate Appraiser Board to adopt alternative program to acquire experiential requirements for prospective real estate appraisers attempting to qualify for licensure or certification.