Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
SB939 by Creighton (Relating to the limitations periods for certain suits against real estate appraisers and appraisal firms.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Civil Practice and Remedies Code to require a person to bring suit for damages arising from an appraisal or appraisal review conducted by a real estate appraiser or appraisal firm no later than the earlier of two years after the day the injured party knew the facts giving rise to the suit, or five years after the day the appraisal or appraisal review was completed.
Based on the analysis of the Office of Court Administration, duties and responsibilities associated with implementing the provisions of the bill could be accomplished using existing resources.
The bill would apply to actions that occur on or after September 1, 2019.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
212 Office of Court Administration, Texas Judicial Council