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.
Impact
If enacted, the bill would amend existing laws pertaining to the licensing and regulation of appraisers. It would provide a formal mechanism for the board to take action against those found guilty of discrimination, thereby reinforcing anti-discrimination principles within the real estate market. This could lead to more stringent oversight of appraiser conduct, promoting accountability and integrity in property evaluations.
Summary
Senate Bill 1785 aims to address discriminatory practices in the real estate appraisal field by granting the State Real Estate Appraiser Board the authority to revoke, suspend, or fine appraisers and appraisal management companies that knowingly engage in discriminatory appraisals based on the race or national origin of property buyers or sellers. This legislative move is designed to enhance fairness and equity in the appraisal process, ensuring that all individuals receive equal treatment regardless of their demographic background.
Sentiment
Overall, the sentiment around SB 1785 appears to be supportive, particularly among advocacy groups championing equal housing rights. Proponents argue that this legislation is a crucial step towards eliminating racial bias in appraisals, which has been recognized as a significant issue within the housing market. However, there may be concerns among some appraisers regarding the implications of heightened scrutiny on their practices, particularly about the standards of proof required for investigations.
Contention
Notable points of contention may arise around the definitions utilized within the bill regarding what constitutes discriminatory practices and the processes by which the board investigates and adjudicates complaints. Some stakeholders could express concern over the potential for punitive measures without due process, as well as the need for clear guidelines to determine the threshold for discrimination. The effectiveness of enforcement measures and the balance between regulatory oversight and professional autonomy will likely be critical topics in ongoing debates about the bill's provisions.
Carry Over
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.
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.
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.
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.