Members of TAC continue to make a difference in Tennessee. Recently, TAC helped bring together the Appraisal Institute, IRWA, NAIFA, and ASA to provide grassroots support and lobbyist funding for the passage of HB 376 / SB 279, known as the Appraiser Statute of Limitations Bill. Under this new law, which took effect on July 1, 2017, 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 action that relates to an appraisal that was completed more than three years before the complaint was submitted.
Passage of this bill was a big win for Tennessee appraisers and TAC would like to thank all of the organizations and volunteers who worked hard to helped get it done. It proved that positive changes can and do happen when appraisers work together toward a common goal of improving the appraisal profession.
To those of you who are not currently members of TAC, we encourage you to join, whether it is volunteering your time, attending our meetings or the Spring Forum, or donating funds to help with our legislative initiatives. This is your profession and TAC is working to promote and protect it.