LIMITATIONS/REPOSE: APPRAISERS

Amends the Code of Civil Procedure. Provides that an action based upon tort, contract, or otherwise against specified persons and entities for an act or omission committed while engaged in appraisal practice shall be commenced within 2 years from the time the person bringing an action knew or should reasonably have known of the act or omission. Provides that in no event shall an action against specified persons and entities be brought more than 5 years after the date the act or omission committed while engaged in appraisal practice and giving rise to the cause of action occurred. Provides that the new provisions apply to actions commenced on or after the effective date.