HB 2401 Summary

• Establishes a statute of limitations for civil actions against state-licensed appraisers, state-certified residential or general appraisers, and registered trainee appraisers, as well as their agents, firms, employees, and employers.

• Requires lawsuits to be commenced before the earlier of: (1) the applicable statute of limitation for the claim type, (2) two years after the appraisal was completed or should have been completed, or (3) two years after the appraisal-related service was performed or should have been performed.

• Exempts from this limitation period any cause of action based on claims of knowing or intentional fraud or knowing or intentional misrepresentation made during the performance of a real estate appraisal or appraisal-related service.