Bill Text: MS HB1251 | 2016 | Regular Session | Introduced
Bill Title: Real Estate appraisers; provide statute of limitations for suits related to appraisal.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2016-02-23 - Died In Committee [HB1251 Detail]
Download: Mississippi-2016-HB1251-Introduced.html
MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Judiciary A
By: Representative Zuber
House Bill 1251
AN ACT TO PROVIDE THAT SUITS AGAINST LICENSED REAL ESTATE APPRAISERS MUST BE BROUGHT WITHIN FIVE YEARS OF THE DATE OF THE APPRAISAL OR WITHIN THE APPLICABLE TIME PERIOD FOR RETENTION OF THE WORK FILE, WHICHEVER IS LONGER; TO BRING FORWARD SECTION 73-34-53, MISSISSIPPI CODE OF 1972, FOR PURPOSES OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Notwithstanding any other provision of law, no suit, action or proceeding shall be brought or maintained in relation to a real estate appraisal against a licensed real estate appraiser, a certified residential appraiser, a certified general real estate appraiser or appraiser trainee, who is licensed, certified or registered in accordance with Chapter 34, Title 73, Mississippi Code of 1972, or the appraiser's or trainee's employer or firm with which he is affiliated, unless the suit, action or proceeding is commenced within five (5) years of the date the appraisal was performed or until the applicable time period for retention of the work file for the appraisal giving rise to the action, as established by the Record Keeping Rule of the Uniform Standards of Professional Appraisal Practice has expired, whichever time period is longer.
SECTION 2. Section 73-34-53, Mississippi Code of 1972, is brought forward as follows:
73-34-53. (1) Except as otherwise provided in Section 73-34-35, any person violating a provision of this chapter shall, upon conviction of a first violation thereof, be punished by a fine of not less than Five Hundred Dollars ($500.00) nor more than One Thousand Dollars ($1,000.00), or by imprisonment for a term not to exceed ninety (90) days, or both. A second or subsequent violation shall be punishable by a fine of not less than One Thousand Dollars ($1,000.00) nor more than Two Thousand Dollars ($2,000.00), or by imprisonment for a term not to exceed six (6) months, or both.
(2) In case any person shall have received any sum of money, or the equivalent thereof, as commission, compensation or profit by or in consequence of his violation of any provision of this chapter, that person shall also be liable to a penalty of not less than the amount of the sum of money so received and not more than four (4) times the sum so received, as may be determined by the court, which penalty may be sued for and recovered by any person aggrieved, and for his use and benefit, in any court of competent jurisdiction.
SECTION 3. This act shall take effect and be in force from and after July 1, 2016.
