Bill Text: TX HB1116 | 2019-2020 | 86th Legislature | Engrossed
Bill Title: Relating to the limitations periods for certain suits against real estate appraisers and appraisal firms.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2019-05-14 - Referred to Business & Commerce [HB1116 Detail]
Download: Texas-2019-HB1116-Engrossed.html
By: Wray | H.B. No. 1116 |
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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) 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. Subchapter D, Chapter 154, Civil Practice and | ||
Remedies Code, is amended by adding Section 154.074 to read as | ||
follows: | ||
Sec. 154.074. RESOLUTION OF DISPUTES BY CONTRACTUAL | ||
APPRAISAL PROCESS. A party must invoke a contractual appraisal | ||
process that resolves disputes over the amount of loss not later | ||
than the 60th day after the date the party receives or submits, as | ||
applicable, written notice of the dispute. The parties may invoke | ||
the appraisal process after the period described by this section by | ||
mutual agreement in a separate written agreement. | ||
SECTION 3. 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 4. This Act takes effect September 1, 2019. |