New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S3534

Introduced
9/12/24  

Caption

Reduces membership of State Real Estate Appraiser Board and prohibits discriminatory practices in property appraisals.

Impact

In conjunction with its governance adjustments, S3534 imposes significant regulations concerning discriminatory practices in property appraisals. The bill explicitly prohibits real estate appraisers from engaging in discriminatory appraisals based on race, color, or national origin. This is designed to address historical biases in the appraisal sector, providing a more equitable environment for all property buyers and owners. The Department of Law and Public Safety is tasked with investigating complaints of discrimination, which may lead to disciplinary actions against violators.

Summary

Senate Bill S3534 seeks to amend the existing structure of the State Real Estate Appraiser Board by reducing its size from eleven members to seven. This change aims to streamline governance and enhance operational efficiency within the board, which is responsible for overseeing real estate appraisers in New Jersey. The bill dictates that the Governor appoints board members upon recommendations from the Senate President and the Speaker of the Assembly, ensuring a more collaborative selection process. The reductions in membership are intended to foster a more manageable board size that can facilitate more effective decision-making.

Contention

One of the notable points of contention related to this bill is the potential implications it could have on the real estate market and appraisal practices within the state. Proponents argue that these reforms are necessary to rectify systemic inequalities in property valuation methods, thereby creating a fairer landscape for low-income and minority home buyers. Conversely, critics express concerns that the added regulatory burden could complicate the appraisal process for professionals and may lead to unintended consequences in the housing market.

Disciplinary measures

Should an appraisal be found discriminatory, the bill mandates that the offending appraiser or appraisal management company face several penalties, including restitution for the cost of the appraisal and mandatory attendance at an anti-bias seminar. For repeat offenders, the board has the authority to suspend licenses or even revoke them after further violations. Additionally, civil penalties can be imposed, reaching up to $10,000 for third-time offenders, indicating the state's commitment to enforcing these anti-discrimination measures robustly.

Companion Bills

NJ A4693

Same As Reduces membership of State Real Estate Appraiser Board and prohibits discriminatory practices in property appraisals.

Previously Filed As

NJ A4693

Reduces membership of State Real Estate Appraiser Board and prohibits discriminatory practices in property appraisals.

NJ A2280

Codifies prohibition of discriminatory practices in real estate appraisals and requires real estate appraisers to complete anti-bias training.

NJ S1311

Codifies prohibition of discriminatory practices in real estate appraisals and requires real estate appraisers to complete anti-bias training.

NJ S3317

Codifies prohibition of discriminatory practices in real estate appraisals and requires real estate appraisers to complete anti-bias training.

NJ A4648

Codifies prohibition of discriminatory practices in real estate appraisals and requires real estate appraisers to complete anti-bias training.

NJ S1785

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.

NJ A1518

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.

NJ HB1112

Discriminatory appraisal practices.

NJ HB1151

Discriminatory appraisal practices.

NJ S3927

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.

Similar Bills

NJ A4693

Reduces membership of State Real Estate Appraiser Board and prohibits discriminatory practices in property appraisals.

CA SB1050

California American Freedmen Affairs Agency: racially motivated eminent domain.

NJ S1301

Concerns discriminatory appraisals of property on basis of race, creed, color, national origin, or certain other characteristics.

NJ S3927

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.

NJ A5163

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.

NJ S777

Concerns discriminatory appraisals of property on basis of race, creed, color, national origin, or certain other characteristics.

NJ A1519

Concerns discriminatory appraisals of residential property on basis of race or national origin.

CA SB41

Civil actions: damages.