This bill aims to establish penalties for appraisers who engage in discriminatory practices during real estate appraisals and mandates the provision of specific information to current and prospective property owners or occupants. It prohibits licensed appraisers from considering various personal characteristics, such as race, gender, and disability, when conducting appraisals. If an appraiser is found to have discriminated, the appraisal will be deemed void, and the appraiser may face penalties including restitution, mandatory attendance at an anti-bias seminar, and civil fines that escalate with repeated violations. The bill outlines a structured approach for handling violations, including potential suspension or revocation of licenses after multiple offenses.

Additionally, the bill requires licensed real estate professionals to inform clients about their right to report suspected discriminatory appraisals within a specified timeframe. This information must be provided in a prescribed format and free of charge. The Division on Civil Rights is tasked with investigating complaints of appraisal discrimination and collecting demographic information from complainants, which will be reported to the Governor and Legislature by July 1, 2026. Overall, the legislation seeks to enhance accountability in real estate appraisals and promote fair housing practices.