Bill Text: TX SB939 | 2019-2020 | 86th Legislature | Comm Sub

Texas Senate Bill 939 (Prior Session Legislation)

Bill Title: Relating to the limitations periods for certain suits against real estate appraisers and appraisal firms.

Sponsorship: Partisan Bill (Republican 2)

Status: (Engrossed - Dead) 2019-05-21 - Placed on General State Calendar [SB939 Detail]

Download: Texas-2019-SB939-Comm_Sub.html



	By: Creighton	S.B. No. 939

	(Wray)


	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) Except for a suit based on fraud or breach of contract, 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, 2019.