The State Senate recently passed a bill limiting the time period in which real estate appraisers can be sued for their appraisals.
Rep. Paul Tittl, the Assembly, the author of the bill, explained, “An appraiser who submits an appraisal today can be sued twenty-five years from today in relation to that work; after an extended period of time, evidence may be lost, memories fade and witnesses may be deceased.”
The bill, which was co-authored by Senator Andre Jacque, is similar to other professions that have a statute of limitations, with several other states recently enacting or proposing legislation to limit appraiser liability.
The measure passed 5-0 in the Senate Committee on Housing, Commerce and Trade, and unanimously in a voice vote in the Senate.
