By: Creighton  S.B. No. 1368          (In the Senate - Filed March 10, 2021; March 18, 2021, read   first time and referred to Committee on Business & Commerce;   March 31, 2021, reported favorably by the following vote:  Yeas 9,   Nays 0; March 31, 2021, sent to printer.)Click here to see the committee vote     A BILL TO BE ENTITLED   AN ACT     relating to the limitations periods for certain suits against real   estate appraisers and appraisal firms.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subchapter A, Chapter 16, Civil Practice and   Remedies Code, is amended by adding Section 16.013 to read as   follows:          Sec. 16.013.  REAL ESTATE APPRAISERS AND APPRAISAL FIRMS.   (a) In this section:                (1)  "Appraisal" has the meaning assigned by Section   1103.003, Occupations Code.                (2)  "Appraisal review" has the meaning assigned by   Section 1104.003, Occupations Code.                (3)  "Real estate appraisal firm" means an entity   engaging a real estate appraiser as an owner, member, shareholder,   partner, employee, or independent contractor to perform an   appraisal or appraisal review.                (4)  "Real estate appraiser" means an individual   licensed or certified under Chapter 1103, Occupations Code.          (b)  A person must bring suit for damages or other relief   arising from an appraisal or appraisal review conducted by a real   estate appraiser or appraisal firm not later than the earlier of:                (1)  two years after the day the person knew or should   have known the facts on which the action is based; or                (2)  five years after the day the appraisal or   appraisal review was completed.          SECTION 2.  Section 16.013, Civil Practice and Remedies   Code, as added by this Act, applies only to a cause of action that   accrues on or after the effective date of this Act.          SECTION 3.  This Act takes effect September 1, 2021.     * * * * *