Bill > HB2477

This bill clarifies who can sue real estate appraisers and sets time limits for such lawsuits. It establishes that an appraisal report is prepared for specific clients and intended users, and that appraisers, appraisal management companies (companies that manage appraisers), and appraisal businesses can only be sued by these defined parties. Furthermore, it introduces a statute of limitations, meaning a deadline for filing lawsuits, for claims arising from appraisal reports completed after the bill's effective date; these claims must be filed within two years of discovering the issue or within five years of the appraiser signing the report, unless the claim involves fraud or is related to disciplinary actions by the department of licensing. The bill also updates definitions within the state's real estate appraiser laws, including adding a definition for "appraisal management company."

Business and Industry

https://app.leg.wa.gov/billsummary?BillNumber=2477&Year=2025&Initiative=false