To require disclosure of asbestos hazards in the sale and lease of residential dwellings, and for other purposes.
About This Bill
Committee
Latest Action · June 13, 2024
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill requires the Department of Housing and Urban Development and the Environmental Protection Agency to create federal rules within two years that mandate sellers and landlords disclose any known asbestos hazards in homes built before 2019 before buyers or renters sign contracts. The rules require sellers to provide any asbestos inspection reports they have and give buyers a ten-day period to conduct their own asbestos testing before becoming legally bound to purchase or lease a property. Every purchase or lease contract must include a warning statement about asbestos risks and confirmation that the buyer or renter received this disclosure and had time for inspection. Violations carry significant penalties, including civil fines, lawsuits allowing buyers or renters to recover triple damages plus attorney fees and court costs, and federal penalties up to ten thousand dollars per violation. The bill does not specify a particular funding amount but authorizes whatever appropriations are necessary for agencies to implement and enforce the disclosure requirements.
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