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Committee backs five‑year statute-of-limitations for appraisers, sponsor and industry say
Summary
The Judiciary Committee voted to advance HB 14-29 after adopting an amendment to set a uniform five‑year limitations period; Appraisal Institute testimony said the change brings clarity to appraisers who otherwise face lawsuits many years after records are routinely destroyed.
House Bill 14-29, which would establish a five‑year statute of limitations for civil suits against appraisers, was approved by the Judiciary Committee as amended.
Representative Smolz explained the bill would provide clarity for appraiser firms that follow USPAP retention rules and routinely dispose of records after five years. The sponsor and an amendment author (Representative Zimmerman) agreed to simplify the text to make the limitation uniform across circumstances.
Scott DiBiaseo, representing the Hoosier State Chapter of the Appraisal Institute, told the committee that the lack of a clear limitations period has exposed appraisers to suits filed many years after an appraisal, often when loans change hands and a purchaser of loan paper scrutinizes old work. "When litigation reaches that far back, the ability of an appraiser to fairly defend themselves is severely compromised," he said, arguing that a five‑year period is a fair balance between claimants' rights and professional certainty.
Committee members accepted the amendment by consent and moved the bill forward; the committee recorded a favorable vote in session and the chair said the vote would be held open until the meeting's end.
Next steps: HB 14-29 will proceed out of committee with the uniform five‑year limitation language; further legislative steps will determine whether the change becomes law and whether any exceptions are included.
