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Committee advances bill to limit long‑tail lawsuits against property appraisers
Summary
The Business Affairs & Labor Committee voted to send Senate Bill 35 to the Committee of the Whole after sponsors and appraiser groups described a compromise that would bar most stale claims against appraisers after five years while preserving exceptions for fraud and discrimination.
The Business Affairs & Labor Committee on Thursday advanced Senate Bill 35, a measure aimed at protecting licensed real estate appraisers from lawsuits brought long after they completed appraisal work while preserving avenues for consumers to pursue timely claims.
Representative Andrew Clifford, the bill’s sponsor, said the legislation restores balance after the 2008 mortgage market crisis and the ensuing wave of litigation that left appraisers vulnerable to suits years after they had completed a report. “Federal law, state law, record keeping requirements for appraisers is 5 years,” Clifford told the committee, and the bill aligns liability exposure with that retention period.
The bill’s sponsors and appraiser witnesses said the measure is a targeted response to a pattern in…
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