This bill requires sellers and landlords to disclose known asbestos hazards to buyers and renters of residential properties built before 2019. Under the legislation, the Department of Housing and Urban Development and the Environmental Protection Agency have two years to create regulations requiring sellers and landlords to inform purchasers or renters of any asbestos present, provide available inspection reports, and allow buyers a 10-day period to conduct their own asbestos risk assessments before finalizing a purchase or lease. All contracts for home sales and leases must include a standardized Asbestos Warning Statement notifying parties of the health risks, including lung disease and mesothelioma. Violations carry significant penalties, including civil fines, treble damages (three times actual damages) to injured buyers or renters, and potential injunctions, with maximum penalties of $10,000 per violation under existing environmental law. The bill does not specify new federal funding but authorizes whatever appropriations are necessary for agencies to implement and enforce the disclosure requirements.