Florida Senate - 2023 SB 398 By Senator Rodriguez 40-01093-23 2023398__ 1 A bill to be entitled 2 An act relating to limitation of actions involving 3 real estate appraisers and appraisal management 4 companies; creating s. 95.371, F.S.; defining terms; 5 specifying statutes of limitations periods for certain 6 actions involving real estate appraisers and appraisal 7 management companies; providing construction; 8 providing applicability; providing an effective date. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 12 Section 1. Section 95.371, Florida Statutes, is created to 13 read: 14 95.371 Actions against real estate appraisers and appraisal 15 management companies.— 16 (1) For purposes of this section, the terms or phrases 17 “appraisal services,” “appraisal management company,” “appraisal 18 management services,” “appraiser,” “board,” and “department” 19 have the same meanings as in s. 475.611. 20 (2) An action to recover damages from an appraiser or 21 appraisal management company based on contract, tort, or other 22 legal theory for an act or omission in the performance of 23 appraisal services or appraisal management services must be 24 brought within 1 year after the date that the alleged act or 25 omission is discovered, or should have been discovered, but in 26 no case shall such action be brought more than 4 years after the 27 date the appraisal services or appraisal management services 28 were performed, or should have been performed. 29 (3) An action to recover damages against an appraiser or 30 appraisal management company for an act or omission in the 31 performance of appraisal services or appraisal management 32 services that occurred prior to July 1, 2023, shall, in all 33 events, be brought on or before July 1, 2024. 34 (4) Notwithstanding any other law to the contrary, all 35 actions for damages or other relief brought against an appraiser 36 or appraisal management company with respect to appraisal 37 services or appraisal management services shall be governed 38 exclusively by the provisions of this section. 39 (5) This section does not apply to any administrative 40 proceedings initiated by the board or department. 41 (6) This section does not apply to any action in which it 42 is alleged that an appraiser or appraisal management company 43 committed fraud. 44 Section 2. This act shall take effect July 1, 2023.