Wisconsin Adopts Statute of Limitations on Civil Suits Against Appraisers
Wisconsin Gov. Tony Evers on March 18 signed SB 341, which imposes a time limit on civil suits against real estate appraisers. The new law took effect March 20, and applies only to appraisals delivered after that date.
The legislation requires that any action to recover damages from a real estate appraiser for an act or omission in the performance of a real estate appraisal be filed within five years of the date the appraiser submitted the appraisal report to their client. It also provides that if another, shorter statute of limitations applies to the type of claim being pursued, then that shorter statute of limitations applies. Claims of fraud or concealment are excluded from the limitations.
The Appraisal Institute’s Wisconsin Chapter strongly advocated for the passage of this liability protections for appraisers.