House Bill 376—which was signed into law by Tennessee Governor Bill Haslam on April 28th—has officially taken effect, and establishes a new statute of limitations regarding civil lawsuits and disciplinary actions that can be made against real estate appraisers.
According to Valuation Review, the new bill states that any action to recover damages against an appraiser must be brought within 1 year from the discovery of the act of omission that gave rise to the said action. In no event can an action be brought more than 5 years after the date the appraisal was performed.
In addition, the Tennessee Real Estate Appraiser Commission cannot consider a complaint for a disciplinary action that relates to an appraisal that was completed more than 3 years before the compliant was submitted.
The new law, which took effect on July 1st, will apply to appraisals performed after that date.
For more information, or to see House Bill 376 in its entirety, click here.