Subscribe to receive our Floor Reports covering all the action on the Texas House and Senate floor!
Relating to the limitations periods for certain suits against real estate appraisers and appraisal firms.
HB 1116 would place limitations on a cause of action in certain appraisal cases by requiring that 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 within the the later of two years after the day the person knew or should have known the facts on which the action is based or five years after the day the appraisal or appraisal review was completed.
Lastly, the bill would include an exemption for the limitations period in the event of a breach of contract.
Texas Action supports HB 1116 which is in alignment with limited government and personal responsibility principles. Limiting the timeframe for a lawsuit related to an appraisal or appraisal review will help to keep courts from being clogged up with nuisance lawsuits from long ago for which evidence may be thin if it exists at all. A responsible claimant will make a claim within a reasonable amount of time. This bill ensures that would happen.