10th May 2017

Tennessee Governor Signs Law Protecting Appraisers

Tennessee Governor Signs Law Protecting Appraisers

On April 28, Tennessee Gov. Bill Haslam signed into law HB 376 that will establish a new statute of limitations regarding civil lawsuits and disciplinary actions against real estate appraisers.

As enacted, any action to recover damages against a real estate appraiser must be brought within one year from the discovery of the act of omission giving rise to the action. However, in no event can an action be brought more than five years after the date the appraisal was performed.

Additionally, the Tennessee Real Estate Appraiser Commission cannot consider a complaint for a disciplinary acting that relates to an appraisal that was completed more than three years before the complaint was submitted.¬†The new law will take effect July 1, and will apply to appraisals performed after that date. …continue reading the rest of this post: Tennessee Governor Signs Law Protecting Appraisers

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