House Bill 1458

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 RUNNING OF THE APPLICABLE STATUTE OF LIMITATIONS; TO CREATE NEW SECTION 15-1-85, MISSISSIPPI CODE OF 1972, TO BAR CIVIL ACTIONS AGAINST REAL ESTATE BROKERS AND SALESPEOPLE THAT ARE FILED AFTER THE RUNNING OF THE APPLICABLE STATUTE OF LIMITATIONS; 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. Any action based on a real estate appraisal by a person who is or was licensed, certified or registered under Chapter 34, Title 73, Mississippi Code of 1972, on the date of the 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, or the lender or appraisal management firm that ordered the appraisal, within three (3) years after the date of the appraisal or within the time prescribed in Section 15-1-49, whichever is earlier.

SECTION 2. The following shall be codified as Section 15-1-85, Mississippi Code of 1972:

15-1-85. Limitations applicable to actions founded upon licensed real estate activities. Any action based on an act or omission to act by a person who is or was licensed as a broker or salesperson pursuant to the Real Estate Brokers License Law of 1954, Chapter 1, Title 15, Mississippi Code of 1972, as amended, must be commenced against the licensed or formerly licensed person, or a firm with which the person is affiliated, within three (3) years after the date of the consummation of the transaction out of which the action arose or, if not consummated, the date on which the agency relationship out of which the action arose ceased to exist or within the time prescribed in Section 15-1-49, whichever is earlier.

SECTION 3. This act shall take effect and be in force from and after July 1, 2020.