IL HB5266

Establishes a 2-year statute of limitations for actions against licensed real estate appraisers and appraisal entities, beginning when the plaintiff knew or should have known of the wrongful act or omission.

Sets an absolute 5-year repose period for such actions, after which no lawsuit may be brought regardless of when the damage was discovered.

Applies to current and former appraisers licensed under the Real Estate Appraiser Licensing Act of 2002, as well as entities (corporations, LLCs, partnerships, etc.) where such appraisers are or were owners, employees, members, shareholders, or partners.

Limits the statute of limitations to claims arising from acts or omissions committed while engaged in appraisal practice as defined in the Real Estate Appraiser Licensing Act of 2002.

Applies only to actions commenced on or after the bill's effective date.