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HB24-1085

Limitation on Actions against Appraisers

Concerning establishing a limitation of actions against an individual performing a real estate appraisal practice.
Session:
2024 Regular Session
Subject:
Courts & Judicial
Bill Summary

Under current law, the statute of limitation to bring a claim against a real estate appraiser does not commence until the party filing the claim discovers, or should discover, an alleged defect in the appraisal.

The bill requires a claimant to bring an action against a real estate appraiser or individual performing a real estate appraisal practice within 3 years after the date of report; except that, if a cause of action arises during the third year after the date of report, the action must be brought within 2 years after the date the cause of action arose 5 years after the date of report. The bill does not apply to actions for fraud brought against a real estate appraiser or individual performing an appraisal practice.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Lost

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. J. Amabile, Rep. L. Frizell
Sen. B. Gardner, Sen. J. Ginal

Sponsor

Co-sponsor

Rep. M. Catlin, Rep. B. Marshall