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Senate Engrossed |
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State of Arizona Senate Fifty-third Legislature Second Regular Session 2018
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SENATE BILL 1463 |
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AN ACT
amending title 12, chapter 5, article 2, Arizona Revised Statutes, by adding sections 12‑531 and 12‑532; relating to limitations of actions.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 12, chapter 5, article 2, Arizona Revised Statutes, is amended by adding sections 12-531 and 12‑532, to read:
12-531. Appraiser liability; statute of limitations; exception; definitions
A. A cause of action, whether based on contract or tort, that is based on an appraisal or appraisal‑related service and that is against a state‑licensed appraiser, a state‑certified residential real estate appraiser, a state‑certified appraiser or a registered trainee appraiser or an agent, firm, employee or employer of a state‑licensed appraiser, a state‑certified residential real estate appraiser, a state‑certified appraiser or a registered trainee appraiser must be commenced within four years after the date on which either:
1. The appraisal giving rise to the action was completed or should have been completed.
2. The appraisal‑related service giving rise to the action was performed or should have been performed.
B. This section does not apply to a cause of action that is based on a claim that alleges a knowing or intentional fraud or a knowing or intentional misrepresentation made during the performance of a real estate appraisal or when providing an appraisal‑related service.
C. For the purposes of this section:
1. "Registered trainee appraiser" has the same meaning prescribed in section 32‑3601.
2. "State‑certified appraiser" means a person who holds a certificate issued under title 32, chapter 36.
3. "State‑certified residential real estate appraiser" means a person who meets the requirements for certification as prescribed in section 32‑3612, paragraph 2.
4. "State‑licensed appraiser" means a person who holds a valid license issued under title 32, chapter 36.
12-532. Appraisal management company and mortgage lender liability; statute of limitations; exception
A. A cause of action, whether based on contract or tort, that is based on an appraisal or appraisal‑related service and that is against an appraisal management company as defined in section 32‑3661 or a mortgage lender must be commenced within four years after the date on which either:
1. The appraisal giving rise to the action was completed or should have been completed.
2. The appraisal‑related service giving rise to the action was performed or should have been performed.
B. This section does not apply to a cause of action that is based on a claim that alleges a knowing or intentional fraud or a knowing or intentional misrepresentation made during the performance of a real estate appraisal or when providing an appraisal‑related service.