Asbestos Exposure in Housing Reduction Act of 2024

This bill requires sellers or landlords to disclose known asbestos hazards in homes built before 2019 before a sale or lease contract becomes binding. It mandates that contracts include a clear warning statement about asbestos risks and gives buyers or tenants a 10-day window (or mutually agreed time) to conduct an asbestos inspection. The law applies to all residential dwellings constructed prior to 2019, excluding those covered by specific Fair Housing Act exemptions. Violations can result in civil penalties, triple damages, or injunctions. The regulations implementing these requirements must be finalized within two years of the bill's enactment.