Bill > HB135

This bill establishes statutes of repose (legal time limits) for filing lawsuits against real estate appraisers, appraisal firms, and appraisal management companies. Specifically, the bill sets two different time limits for legal actions: (1) for most claims, a person cannot file a lawsuit more than 5 years after an appraisal or appraisal review is completed, and (2) for certain types of claims covered under existing state law (referenced as 27-2-202(1)), the time limit is extended to 8 years after the appraisal is completed. The bill also provides clear definitions for key terms, including "appraisal" (which references existing state code 37-54-102), "appraisal management company" (a registered entity under state law), "real estate appraisal firm" (an entity that employs or contracts with appraisers), and "real estate appraiser" (an individual licensed or certified under state law). The bill is intended to be added to Title 27, Chapter 2, Part 2 of the state legal code, and importantly, it explicitly states that it does not extend any existing legal time periods for bringing actions, but rather provides specific limitations for claims related to real estate appraisals.

Business and Industry, Justice

https://bills.legmt.gov/#/laws/bill/2/LC0196