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A BILL TO BE ENTITLED
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AN ACT
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relating to the limitations periods for certain suits against real |
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estate appraisers and appraisal firms. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 16, Civil Practice and |
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Remedies Code, is amended by adding Section 16.013 to read as |
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follows: |
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Sec. 16.013. REAL ESTATE APPRAISERS AND APPRAISAL FIRMS. |
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(a) In this section: |
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(1) "Appraisal" has the meaning assigned by Section |
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1103.003, Occupations Code. |
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(2) "Appraisal review" has the meaning assigned by |
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Section 1104.003, Occupations Code. |
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(3) "Real estate appraisal firm" means an entity |
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engaging a real estate appraiser as an owner, member, shareholder, |
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partner, employee, or independent contractor to perform an |
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appraisal or appraisal review. |
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(4) "Real estate appraiser" means an individual |
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licensed or certified under Chapter 1103, Occupations Code. |
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(b) Except for an action for fraud or breach of contract, a |
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person must bring suit for damages or other relief arising from an |
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appraisal or appraisal review conducted by a real estate appraiser |
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or appraisal firm not later than the earlier of: |
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(1) two years after the day the person knew or should |
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have known the facts on which the action is based; or |
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(2) five years after the day the appraisal or |
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appraisal review was completed. |
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SECTION 2. Section 16.013, Civil Practice and Remedies |
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Code, as added by this Act, applies only to a cause of action that |
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accrues on or after the effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2021. |