By: Wray H.B. No. 1116
 
 
 
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.  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.