A. Notwithstanding sections 12-505, 12-511 and 12-542, an action for the recovery of damages that is based on either of the following shall be commenced within twelve years after the plaintiff reaches eighteen years of age and not afterward:

1. 1. An injury that a minor suffers as a result of another person's negligent or intentional act if that act is a cause of sexual conduct or sexual contact committed against the minor.
2. 2. The failure to report pursuant to section 13-3620 sexual conduct or sexual contact committed against a minor.

B. For the purposes of this section:

1. 1. "Person" means an individual, the United States, this state or a public or private corporation, local government unit, public agency, partnership, association, firm, trust or estate or any other legal entity.
2. 2. "Sexual conduct" means sexual conduct as proscribed by section 13-1405.
3. 3. "Sexual contact" has the same meaning prescribed in section 13-1401.