Bill > SB477

This bill establishes a time limit, known as a statute of limitations, for civil lawsuits related to real estate appraisals. An "appraisal" is defined as an analysis, conclusion, or opinion about the nature, quality, utility, or value of real estate, including valuations, analysis assignments, and review assignments, but it specifically excludes opinions on listing or purchase prices given by licensed real estate agents if not called an appraisal. This new law applies to civil actions seeking damages against someone for actions or omissions concerning the performance, review, supervision, or management of an appraisal, regardless of whether it's tied to a "federally related transaction," which refers to appraisals used in financial transactions regulated by federal law. However, this bill does not apply to administrative actions by the Commission of Real Estate Appraisers or cases where fraud concealed knowledge of the civil action. Lawsuits covered by this bill must be filed within two years of when the person knew or should have known about the issue, or within four years of when the appraisal-related service was provided, whichever comes first. This law will take effect on October 1, 2026, and will only apply to causes of action that arise on or after that date.

Justice

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0477?ys=2026RS