| 2 | 5 | | |
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| 3 | 6 | | |
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| 4 | 7 | | A BILL TO BE ENTITLED |
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| 5 | 8 | | AN ACT |
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| 6 | 9 | | relating to the limitations periods for certain suits against real |
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| 7 | 10 | | estate appraisers and appraisal firms. |
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| 8 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 12 | | SECTION 1. Subchapter A, Chapter 16, Civil Practice and |
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| 10 | 13 | | Remedies Code, is amended by adding Section 16.013 to read as |
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| 11 | 14 | | follows: |
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| 12 | 15 | | Sec. 16.013. REAL ESTATE APPRAISERS AND APPRAISAL FIRMS. |
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| 13 | 16 | | (a) In this section: |
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| 14 | 17 | | (1) "Appraisal" has the meaning assigned by Section |
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| 15 | 18 | | 1103.003, Occupations Code. |
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| 16 | 19 | | (2) "Appraisal review" has the meaning assigned by |
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| 17 | 20 | | Section 1104.003, Occupations Code. |
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| 18 | 21 | | (3) "Real estate appraisal firm" means an entity |
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| 19 | 22 | | engaging a real estate appraiser as an owner, member, shareholder, |
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| 20 | 23 | | partner, employee, or independent contractor to perform an |
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| 21 | 24 | | appraisal or appraisal review. |
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| 22 | 25 | | (4) "Real estate appraiser" means an individual |
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| 23 | 26 | | licensed or certified under Chapter 1103, Occupations Code. |
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| 24 | 27 | | (b) Except for a suit based on fraud or breach of contract, a |
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| 25 | 28 | | person must bring suit for damages or other relief arising from an |
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| 26 | 29 | | appraisal or appraisal review conducted by a real estate appraiser |
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| 27 | 30 | | or appraisal firm not later than the earlier of: |
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| 28 | 31 | | (1) two years after the day the person knew or should |
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| 29 | 32 | | have known the facts on which the action is based; or |
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| 30 | 33 | | (2) five years after the day the appraisal or |
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| 31 | 34 | | appraisal review was completed. |
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| 32 | | - | SECTION 2. Subchapter D, Chapter 154, Civil Practice and |
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| 33 | | - | Remedies Code, is amended by adding Section 154.074 to read as |
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| 34 | | - | follows: |
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| 35 | | - | Sec. 154.074. RESOLUTION OF DISPUTES BY CONTRACTUAL |
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| 36 | | - | APPRAISAL PROCESS. A party must invoke a contractual appraisal |
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| 37 | | - | process that resolves disputes over the amount of loss not later |
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| 38 | | - | than the 60th day after the date the party receives or submits, as |
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| 39 | | - | applicable, written notice of the dispute. The parties may invoke |
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| 40 | | - | the appraisal process after the period described by this section by |
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| 41 | | - | mutual agreement in a separate written agreement. |
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| 42 | | - | SECTION 3. Section 16.013, Civil Practice and Remedies |
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| 35 | + | SECTION 2. Section 16.013, Civil Practice and Remedies |
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