Bill Summary – FastDemocracy

                                        Unofficial Draft Copy - To Legal Review
****                                               As of: 11/13/2024, 07:41:55
69th Legislature 2025                             Drafter: Maddie Krezowski, ****                                     LC 0196
                                                    **** BILL NO. ****
                                                  INTRODUCED BY ****
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  A BILL FOR AN ACT ENTITLED: “AN ACT CREATING STATUTES OF REPOSE FOR CLAIMS AGAINST
  REAL ESTATE APPRAISERS, APPRAISAL FIRMS, AND APPRAISAL MANAGEMENT COMPANIES.”
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  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
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          NEW SECTION. Section 1.          Actions against real estate appraisers, appraisal firms, and
  appraisal management companies. (1) Except as provided under subsection (2), an action for damages or
  other relief arising from an appraisal or appraisal review conducted by a real estate appraiser, real estate
  appraisal firm, or appraisal management company may not be commenced more than five years after the day
  the appraisal or appraisal review was completed.
          (2) An action for breach of contract arising from an appraisal or appraisal review conducted by a real
  estate appraiser, real estate appraisal firm, or appraisal management company may not be commenced more
  than eight years after the day the appraisal or appraisal review was completed.
          (3) As used in this section, unless the context requires otherwise, the following definitions apply:
          (a) "Appraisal" has the same meaning as provided in 37-54-102.
          (b) "Appraisal management company" means an entity registered under Title 37, chapter 54, part 5.
          (c) "Appraisal review" has the same meaning as provided in 37-54-102.
          (d) "Real estate appraisal firm" means an entity engaging a real estate appraiser as an owner, member,
  shareholder, partner, employee, or independent contractor to perform an appraisal or appraisal review.
          (e) "Real estate appraiser" means an individual licensed or certified under Title 37, chapter 54.
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          NEW SECTION. Section 2.          Codification instruction. [Section 1] is intended to be codified as an
  integral part of Title 27, chapter 2, part 2, and the provisions of Title 27, chapter 2, part 2, apply to [section 1].
                                                          - END -
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