MS SB2430

Creates a 5-year statute of limitations for civil actions against real estate appraisers, certified appraisers, appraiser trainees, their employers, affiliated firms, lenders, or appraisal management firms, beginning from when the appraisal was relied upon or within the time prescribed in Section 15-1-49, whichever is earlier.

Establishes a 5-year statute of limitations for civil actions against licensed real estate brokers and salespeople or their affiliated firms, measured from the date of transaction consummation, cessation of the agency relationship, or when a broker price opinion was relied upon, or within the time prescribed in Section 15-1-49, whichever is earlier.

Carves out exceptions to the statute of limitations for both appraisers and brokers/salespeople when they fraudulently inflate property values or collude with others to fraudulently inflate property values.

Takes effect July 1, 2020.