The bill establishes statutes of repose for claims against real estate appraisers, real estate appraisal firms, and appraisal management companies in Montana. It stipulates that actions for damages or other relief arising from appraisals or appraisal reviews must be initiated within five years of the completion of the appraisal, with an exception allowing for an eight-year limit for certain actions as specified in existing law (27-2-202(1)). The bill clarifies that it does not extend the time limits for bringing any actions beyond what is already prescribed by state law.

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 codified as part of Title 27, chapter 2, part 2 of the Montana Code Annotated.