Bill Text: VA HB53 | 2024 | Regular Session | Prefiled
Bill Title: Actions against real estate appraisers or appraisal management companies; statute of limitations.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-02-13 - Left in Courts of Justice [HB53 Detail]
Download: Virginia-2024-HB53-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 20.1 of Title 54.1 a section numbered 54.1-2019.1 and by adding in Chapter 20.2 of Title 54.1 a section numbered 54.1-2024 as follows:
§54.1-2019.1. Statute of limitations on actions for damages or other relief.
A. Notwithstanding any other provision of law to the contrary, no action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, or a licensed residential real estate appraiser committed malpractice or negligence or an error, mistake, omission, or breach in an appraisal or appraisal report, whether based on contract or tort, shall be brought unless it is filed in a court of competent jurisdiction and proper venue within five years from the date of the alleged malpractice, negligence, error, mistake, omission, or breach.
B. The provisions of this section shall not apply to (i) any action in which it is alleged that a certified general real estate appraiser, a certified residential real estate appraiser, or a licensed residential real estate appraiser committed fraud with respect to an appraisal or appraisal report or (ii) any proceedings initiated by the Board.
§54.1-2024. Statute of limitations on actions for damages or other relief.
A. Notwithstanding any other provision of law to the contrary, no action for damages or other relief alleging that an appraisal management company committed malpractice or negligence or an error, mistake, omission, or breach in an appraisal or appraisal report, whether based on contract or tort, shall be brought unless it is filed in a court of competent jurisdiction and proper venue within five years from the date of the alleged malpractice, negligence, error, mistake, omission, or breach.
B. The provisions of this section shall not apply to (i) any action in which it is alleged that an appraisal management company committed fraud with respect to an appraisal or appraisal report or (ii) any proceedings initiated by the Board.
2. That any action for damages or other relief alleging that a certified general real estate appraiser, a certified residential real estate appraiser, a licensed residential real estate appraiser, or an appraisal management company committed malpractice or negligence or an error, mistake, omission, or breach in an appraisal or appraisal report before July 1, 2024, shall be filed in a court of competent jurisdiction and proper venue within two years of the occurrence of such malpractice, negligence, error, mistake, omission, or breach, regardless of the date of discovery of such occurrence.
