HB2230 Summary

• Establishes a four-year statute of limitations for claims against real estate appraisers for malpractice, negligence, errors, omissions, or breach of contract or tort related to appraisals or appraisal services.

• The limitation period runs until the earlier of: (1) the expiration of the applicable statute of limitations if it does not exceed four years from the appraisal report date, or (2) four years from when the appraisal service was performed or should have been performed.

• Exempts fraud and gross misrepresentation claims from the four-year limitation if the appraiser knowingly and intentionally committed fraud or made a gross misrepresentation.

• Defines "real estate appraiser" to include state-licensed appraisers, state-certified residential and general appraisers, state-registered trainee appraisers, and any agent, employee, employer, or firm associated with these professionals.

• Effective date: Approved and filed April 18, 2023.