Create statutes of repose for claims against real estate appraisers

This bill establishes time limits for filing legal claims against real estate appraisers, appraisal firms, and appraisal management companies in Montana. Under the new rules, most lawsuits related to appraisal work must be started within five years of when the appraisal or review was completed, while breach of contract claims have an eight-year deadline. The legislation defines key terms like "appraisal," "appraisal review," and "real estate appraiser" to clarify which professionals and entities are covered by these new time limits. These provisions create a statute of repose that sets a maximum window for initiating legal actions, regardless of when a claimant discovers potential issues with an appraisal.