This bill establishes penalties for appraisers who engage in discriminatory practices during real estate appraisals and mandates the provision of specific information to current and prospective owners or occupants of real estate. It prohibits licensed appraisers from considering various personal characteristics, such as race, gender, and disability, in their appraisals. If an appraiser is found to have discriminated, the appraisal is deemed void, and the appraiser may face penalties including restitution, mandatory attendance at an anti-bias seminar, and potential suspension or revocation of their license after multiple violations. Civil penalties are also introduced, with fines escalating from $10,000 for a first violation to $50,000 for a third violation.

Additionally, the bill requires licensed real estate brokers and mortgage brokers to provide documentation to owners and prospective buyers within three days of initial interactions or mortgage applications. This documentation must inform them of their right to report any suspected discriminatory appraisals to the Division on Civil Rights. The Division is tasked with collecting demographic information from complainants regarding allegations of discrimination and must report this data to the Governor and Legislature by July 1, 2026. Overall, the bill aims to enhance accountability in real estate appraisals and protect individuals from discriminatory practices.