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Committee advances bill limiting long-late lawsuits against real estate appraisers
Summary
The Business, Labor & Employment Committee moved SB 35 to the Committee of the Whole after sponsors and stakeholders described a revised measure that would bar stale lawsuits against appraisers after a five-year record period while preserving exceptions for fraud, discrimination and similar misconduct.
The House Business, Labor & Employment Committee on Thursday advanced Senate Bill 35, a measure aimed at protecting real estate appraisers from protracted lawsuits while preserving consumers’ rights in cases of fraud or discrimination.
The bill sponsor, Representative Clifford, told the panel the measure grew from work last year on appraiser regulation and responds to litigation practices that arose after the 2008 housing crash. Clifford said lenders and secondary-market purchasers sometimes pursued appraisers many years after a report was produced and that appraisers retain work files only…
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