By: Creighton S.B. No. 1368
(In the Senate - Filed March 10, 2021; March 18, 2021, read
first time and referred to Committee on Business & Commerce;
March 31, 2021, reported favorably by the following vote: Yeas 9,
Nays 0; March 31, 2021, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to the limitations periods for certain suits against real
estate appraisers and appraisal firms.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 16, Civil Practice and
Remedies Code, is amended by adding Section 16.013 to read as
follows:
Sec. 16.013. REAL ESTATE APPRAISERS AND APPRAISAL FIRMS.
(a) In this section:
(1) "Appraisal" has the meaning assigned by Section
1103.003, Occupations Code.
(2) "Appraisal review" has the meaning assigned by
Section 1104.003, Occupations Code.
(3) "Real estate appraisal firm" means an entity
engaging a real estate appraiser as an owner, member, shareholder,
partner, employee, or independent contractor to perform an
appraisal or appraisal review.
(4) "Real estate appraiser" means an individual
licensed or certified under Chapter 1103, Occupations Code.
(b) A person must bring suit for damages or other relief
arising from an appraisal or appraisal review conducted by a real
estate appraiser or appraisal firm not later than the earlier of:
(1) two years after the day the person knew or should
have known the facts on which the action is based; or
(2) five years after the day the appraisal or
appraisal review was completed.
SECTION 2. Section 16.013, Civil Practice and Remedies
Code, as added by this Act, applies only to a cause of action that
accrues on or after the effective date of this Act.
SECTION 3. This Act takes effect September 1, 2021.
* * * * *