Senate Bill 2768

AN ACT TO CREATE NEW SECTION 15-1-83, MISSISSIPPI CODE OF 1972, TO BAR CIVIL ACTIONS AGAINST REAL ESTATE APPRAISERS THAT ARE FILED AFTER THE PERIOD OF RECORD RETENTION ESTABLISHED UNDER THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OR 5 YEARS, WHICHEVER IS GREATER; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following shall be codified as Section 15-1-83, Mississippi Code of 1972:

15-1-83. Limitations applicable to actions founded on real estate appraisal. If an appraisal was performed by a person who is licensed, certified or registered under Section 73-34-1 et seq., an action that is based on the real estate appraisal must be commenced against the licensed real estate appraiser, certified residential appraiser, certified general real estate appraiser or appraiser trainee who performed the appraisal, or the appraiser's or appraiser trainee's employer or a firm with which the appraiser or appraiser's trainee is affiliated either before the expiration of the applicable time period for retention of the work file for the appraisal as established by the Recordkeeping Rule of the Uniform Standards of Professional Appraisal Practice or within five (5) years after the date the appraisal was performed, whichever is greater.

SECTION 2. This act shall take effect and be in force from and after July 1, 2016.