Assembly Bill A5070

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5070
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2025
                                ___________
 
 Introduced  by  M.  of  A.  O'PHARROW  --  read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT in relation to establishing the real estate appraiser task force;
   and to repeal such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Real estate appraiser task force. The commissioner of taxa-
 tion  and  finance  shall  convene a real estate appraiser task force to
 investigate and identify the misevaluation of the asset of this category
 of professionals and develop ways to overcome the biased  behavior.  The
 purpose  of  the task force shall be to study and prepare a report which
 shall include, but not be limited to, the following:
   1. Harmonize to the greatest extent possible the standards  and  guid-
 ance with respect to appraisals. More specific objectives should include
 but not be limited to, the following:
   (a)  identify specific causes of such racial disparities and recommend
 changes to address such causes; and
   (b) strengthening guardrails against unlawful  discrimination  in  all
 stages of residential valuation.
   2.  Enhancing  fair  housing enforcement and driving accountability in
 the industry in order to guarantee a long term impact.    More  specific
 objectives should include but not be limited to, the following:
   (a)  strengthen  coordination among stakeholders to identify discrimi-
 nation in appraisals and other valuation processes; and
   (b) improve the collection of data  to  study  and  monitor  valuation
 bias.
   3.  Build a well-trained, accessible, and diverse appraiser workforce.
 More specific objectives should include but  are  not  limited  to,  the
 following:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09136-01-5
 A. 5070                             2

              

   (a)  evaluating  whether  there  are  any  barriers  to entry that are
 disproportionately  preventing  minorities  from   entering   into   the
 appraisal profession; and
   (b) require appraisal anti-bias, fair housing, and fair lending train-
 ing for all appraisers in collaboration with the appraisal industry.
   4.  Empowering  consumers  to  take  action.  More specific objectives
 should include but not be limited to, the following:
   (a) identify  and  clarify  government  resources  for  consumers  who
 believe they may have experienced appraisal bias;
   (b)  train  housing  counselors  to  empower  them to assist potential
 victims of appraisal bias as part of pre- and  post-purchase  homeowner-
 ship counseling; and
   (c)  execute a coordinated public awareness campaign to inform consum-
 ers of their rights, as well as to disseminate the  new  resources  that
 will be available to them.
   §  2.  Task force membership.  1. The real estate appraiser task force
 shall consist of a total of ten members and shall  include:  one  person
 appointed  by  the attorney general; one person appointed by the depart-
 ment of state; two  persons  appointed  by  the  governor;  two  persons
 appointed by the majority leader of the senate; two persons appointed by
 the speaker of the assembly; one person appointed by the minority leader
 of  the  senate;  and one person appointed by the minority leader of the
 assembly.  The task force shall appoint a chairperson from  amongst  its
 members.
   2. Appointees to the real estate appraiser task force shall be made no
 later than thirty days after the effective date of this act. Any vacancy
 shall be filled by the appointing authority.
   §  3. Meeting. The task force shall convene no less than quarterly, to
 carry out the duties under section  one  of  this  act  and  submit  the
 reports required under section four of this act.
   §  4. Reports. 1. The task force shall submit a report to the governor
 and the legislature not later than the expiration of the 12-month period
 beginning on the effective date of this act detailing the  findings  and
 any  actions  taken  to  further the duties of the task force as of such
 time and describing any planned efforts and activities.
   2. Periodically after the submission of the report in subdivision  one
 of this act, the chairperson shall submit yearly reports to the legisla-
 ture and the governor updating the findings and actions taken to further
 the duties of the task force.
   3.  Between report due dates, the commissioner of taxation and finance
 shall maintain the necessary records and data required to satisfy report
 requirements and to  satisfy  information  requests  received  from  the
 governor and the legislature between such report due dates.
   §  5.  This  act shall take effect on the ninetieth day after it shall
 have become a law and shall expire and  be  deemed  repealed  two  years
 after such date.