HB53: Actions against real estate appraisers or appraisal management companies; statute of limitations.

Legislative Summary

Actions against real estate appraisers or appraisal management companies; statute of limitations. Provides that no action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, a licensed residential real estate appraiser, or an appraisal management company committed malpractice or negligence or an error, mistake, omission, or breach in an appraisal or appraisal report, whether based on contract or tort, shall be brought unless it is filed in a court of competent jurisdiction and proper venue within five years from the date of the alleged malpractice, negligence, error, mistake, omission, or breach. The bill provides exceptions for actions alleging fraud and proceedings initiated by the Real Estate Appraiser Board. The bill provides that any action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, a licensed residential real estate appraiser, or an appraisal management company committed malpractice or negligence or an error, mistake, omission, or breach in an appraisal or appraisal report before July 1, 2024, shall be filed in a court of competent jurisdiction and proper venue within two years of the occurrence of such malpractice, negligence, error, mistake, omission, or breach, regardless of the date of discovery of such occurrence. Actions against real estate appraisers or appraisal management companies; statute of limitations. Provides that no action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, a licensed residential real estate appraiser, or an appraisal management company committed malpractice or negligence or an error, mistake, omission, or breach in an appraisal or appraisal report, whether based on contract or tort, shall be brought unless it is filed in a court of competent jurisdiction and proper venue within five years from the date of the alleged malpractice, negligence, error, mistake, omission, or breach. The bill provides exceptions for actions alleging fraud and proceedings initiated by the Real Estate Appraiser Board. The bill provides that any action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, a licensed residential real estate appraiser, or an appraisal management company committed malpractice or negligence or an error, mistake, omission, or breach in an appraisal or appraisal report before July 1, 2024, shall be filed in a court of competent jurisdiction and proper venue within two years of the occurrence of such malpractice, negligence, error, mistake, omission, or breach, regardless of the date of discovery of such occurrence.