IL HB2963

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

Imposes an absolute 5-year statute of repose on all appraisal-related claims, measured from the date the act or omission occurred, regardless of when discovered.

Applies the limitations period to actions based on tort, contract, or any other legal theory against licensed appraisers, their sole proprietorships, corporations, limited liability companies, partnerships, and joint ventures.

Covers acts or omissions committed while engaged in appraisal practice as defined in the Real Estate Appraiser Licensing Act of 2002.

Takes effect for actions commenced on or after the bill's effective date.