Bill Text: TX SB1368 | 2021-2022 | 87th Legislature | Comm Sub
Bill Title: Relating to the limitations periods for certain suits against real estate appraisers and appraisal firms.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-31 - Committee report printed and distributed [SB1368 Detail]
Download: Texas-2021-SB1368-Comm_Sub.html
| 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.) | ||
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| 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. | ||
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