The bill establishes statutes of repose for claims against real estate appraisers, appraisal firms, and appraisal management companies in Montana. It stipulates that actions for damages or other relief related to appraisals or appraisal reviews must be initiated within five years of the completion of the appraisal. However, for actions arising from breaches of contract, the time limit is extended to eight years, aligning with the limitations set forth in existing law (27-2-202(1)). The bill clarifies that it does not extend the overall time prescribed by state law for initiating any action.

Additionally, the bill provides definitions for key terms such as "appraisal," "appraisal management company," "appraisal review," "real estate appraisal firm," and "real estate appraiser," ensuring clarity in the application of the law. The provisions of this bill are intended to be integrated into Title 27, chapter 2, part 2 of the Montana Code Annotated.