New Jersey Assembly Bill A1519

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22
• Refer: 10/20/22

Caption

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

Impact

If enacted, A1519 will amend existing state laws pertaining to property appraisals and civil rights protections. The legislation introduces measures that empower the New Jersey Real Estate Appraiser Board to enforce penalties against licensed appraisers found guilty of discriminatory practices. Specifically, violators could face fines, restitution orders, and the requirement to attend anti-bias training sessions aimed at educating them about discrimination laws related to housing. Such measures are expected to foster fairer appraisal practices and enhance consumer confidence in residential transactions.

Summary

Assembly Bill A1519, also known as the Fair Appraisals Act, addresses discriminatory practices in the appraisal of residential properties based on race, national origin, and other protected characteristics. The bill stipulates that licensed appraisal practitioners must refrain from engaging in discriminatory appraisals, thereby ensuring equity in property valuation across diverse communities. It establishes a legal structure that mandates appraisal practices to be free from any bias that can disadvantage marginalized groups, particularly in real estate transactions.

Sentiment

The sentiment surrounding A1519 appears to be largely supportive among advocates of equal rights and housing equity, with proponents praising the bill for its potential to eliminate long-standing discriminatory appraisal practices that affect communities of color and other underrepresented groups. Opponents, however, may argue that such regulations might impose burdens on appraisers and increase compliance costs, although this concern has not dominated discussions. Overall, the legislation is seen as a step toward rectifying systemic inequalities in housing valuation.

Contention

Debate around A1519 primarily focuses on the implementation of its provisions and the potential repercussions for appraisers who violate the stipulated guidelines. Concerns have been raised about the balance between enforcing standards of equity in appraisals while ensuring that genuine mistakes are not penalized severely. Furthermore, the need for adequate resources and training for appraisal professionals to comply with the new regulations has also been discussed, fostering a dialogue on how best to implement the bill's goals without restricting fair business practices within the real estate sector.