Bill Text: CA AB948 | 2021-2022 | Regular Session | Amended
Bill Title: Bureau of Real Estate Appraisers: disclosures: demographic information: reporting: continuing education.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2021-09-28 - Chaptered by Secretary of State - Chapter 352, Statutes of 2021. [AB948 Detail]
Download: California-2021-AB948-Amended.html
Amended
IN
Senate
August 26, 2021 |
Amended
IN
Senate
July 15, 2021 |
Amended
IN
Assembly
May 27, 2021 |
Amended
IN
Assembly
May 24, 2021 |
Amended
IN
Assembly
April 14, 2021 |
Amended
IN
Assembly
March 04, 2021 |
Introduced by Assembly Member Holden (Principal coauthor: Assembly Member Friedman) (Coauthor: Senator Min) |
February 17, 2021 |
LEGISLATIVE COUNSEL'S DIGEST
Existing law, the Real Estate Law, creates the Department of Real Estate, within the Business, Consumer Services, and Housing Agency. Existing law regulates the practice of real estate by real estate brokers and real estate salespersons.
This bill, after July 1, 2022, would require that every contract for the sale of real property contain a notice stating that any appraisal of the property is required to be unbiased, objective, and not influenced by improper or illegal considerations. The bill would require the notice to include information regarding reporting biased appraisals to the financial institution or mortgage broker that hired the appraiser or the Bureau of Real Estate Appraisers. The bill would also require the notice to be delivered by the entity refinancing a first lien purchase money loan secured by residential real property
containing no more than 4 dwelling units either prior to, or with, the loan estimate or the mortgage loan disclosure statement.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
This act shall be known, and may be cited, as the Fair Appraisal Act.(a)After July 1, 2022, every contract for the sale of real property shall contain, in no less than 8-point type, the following notice:
“Any appraisal of the property is required to be unbiased, objective, and not influenced by improper or illegal considerations, including, but not limited to, any of the following: race, color, religion (including religious dress, grooming practices, or both), gender (including, but not limited to, pregnancy, childbirth, breastfeeding, and related conditions, and gender identity and gender expression), sexual orientation, marital status, medical condition, military or veteran status, national origin (including language use and possession of a driver’s
license issued to persons unable to provide their presence in the United States is authorized under federal law), ancestry, disability (mental and physical, including, but not limited to, HIV/AIDS status, cancer diagnosis, and genetic characteristics), genetic information, or age. If a buyer or seller believes that the appraisal has been influenced by any of the above factors, the seller or buyer can report this information to the lender or mortgage broker that retained the appraiser and may also file a complaint with the Bureau of Real Estate Appraisers at https://www2.brea.ca.gov/complaint/ or call (916) 552-9000 for further information on how to file a complaint.”
(b)The notice described in subdivision (a) shall also be delivered by
the entity, or a person acting under the authority of the entity’s license, refinancing a first lien purchase money loan secured by residential real property containing no more than four dwelling units, including, but not limited to, a mortgage broker, a financial institution, a mortgage loan originator, a lender licensed under the California Finance Law (Division 9 (commencing with Section 22000) of the Financial Code), and a licensee licensed under the California Residential Mortgage Lending Act (Division 20 (commencing with Section 50000) of the Financial Code), either prior to, or with, the loan estimate as required by the federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.), or the mortgage loan disclosure statement as required pursuant to Section 10240. The notice described in subdivision (a) may be included as part of the disclosure required under Section 1002.14(a)(2) of the
federal Equal Credit Opportunity Act (Regulation B) (12 C.F.R. Sec. 1002 et seq.).
(c)The provisions of Section 10185 do not apply to this section.