(1) “Client” means any person who hires or seeks to hire a home inspector to obtain a home inspection or home inspection report;

(2) “Commissioner” means the commissioner of commerce and insurance or the commissioner's designee;

(3)

(A) “Home inspection” means a visual analysis for the purpose of providing a professional opinion of the condition of a residential building, ancillary buildings, any reasonably accessible installed components and the operation of the building's systems, including any controls normally operated by the owner of the building, for the following components:

(i) Heating systems;

(ii) Cooling systems;

(iii) Electrical systems;

(iv) Plumbing systems;

(v) Structural components;

(vi) Foundations;

(vii) Roof coverings;

(viii) Exterior and interior components; and

(ix) Any other site aspects that affect the residential dwelling;

(B) “Home inspection” does not mean a compliance inspection for building codes or any other codes adopted by this state or a political subdivision of this state. “Home inspection” does not mean any work that is within the scope of practice of architecture, engineering or landscape architecture or is performed by a person qualified to use the title “registered interior designer,” all as defined in chapter 2 of this title. “Home inspection” also does not mean an inspection or assessment by a lender, either as a part of an evaluation of value or for purposes of determining whether or not to extend credit; provided, that that inspection or assessment shall not be represented as a “home inspection report”;

(4) “Home inspection report” means a legibly written document prepared for compensation and issued after a home inspection. The report shall include the following:

(A) A report on any system or component inspected that, in the opinion of the inspector, is significantly deficient. A report under this subdivision (4) must include the reason why the system or component is significantly deficient;

(B) A list of any systems or components that were designated for inspection in the standards of practice adopted by the commissioner but that were not inspected;

(C) The reason a system or component listed under subdivision (4)(B) was not inspected;

(D) A statement that the report does not address environmental hazards, including:

(i) Lead-based paint;

(ii) Radon;

(iii) Asbestos;

(iv) Cockroaches;

(v) Rodents;

(vi) Pesticides;

(vii) Treated lumber;

(viii) Fungus;

(ix) Mercury;

(x) Carbon monoxide; or

(xi) Other similar environmental hazards;

(E) A statement that the report does not address wood destroying insects and organisms; and

(F) A statement that the report does not address subterranean systems or system components, operational or nonoperational, including:

(i) Sewage disposal;

(ii) Water supply; or

(iii) Fuel storage or delivery;

(5) “Home inspector” means any person who is licensed under this part as a home inspector and who engages in the business of performing home inspections and writing home inspection reports; and

(6) “Residential building” means a structure that is intended to be or is in fact used as a residence consisting of from one (1) to four (4) family dwelling units.