Madison, WI – Today, State Representative Paul Tittl (R-Manitowoc) released the following statement in response to the Assembly passage of Senate Bill 341: “I’m very pleased the Assembly passed this bill today,” said Tittl, “Because I have been working on this issue since the real estate appraisers brought it to my attention during the last legislative session.”
The bill limits the time a lawsuit can be brought against a real estate appraiser to five years following the date of the report. This change is in line with the Uniform Standards of Professional Appraisal Practice (USAP) record keeping requirements which permit appraisers to destroy records after five years if state law allows.
“Current Wisconsin law does not effectively protect real estate appraisers from liability resulting from services performed.” Rep. Tittl said. “As a result, they can be sued many years after their work has been completed.” Rep. Tittl carries on.
Rep. Tittl says the five-year time limit provides fairness, because after a period of time, evidence may be lost, memories fade and witnesses may be deceased.
“We live in a litigious society,” said Rep. Tittl, “and five years is more than enough time for a party to bring a lawsuit against an appraiser.
Tittl authored the Assembly version of the bill, and Senator Jacque authored the Senate version. The bill now heads to the governor’s desk for his signature.