1. (a) This section only applies to an appraisal or appraisal service performed after June 30, 2026.

2. (b) The following definitions apply throughout this section:

   1. (1) "Appraisal" means a real estate appraisal, appraisal review, appraisal consulting, or other valuation or valuation related service performed by a real estate appraiser or an appraisal management company.
   2. (2) "Appraisal management company" means an appraisal management company registered under IC 25-34.1 .

   3. (3) "Appraisal service date" means the date:

      1. (A) stated on the appraisal report; or
      2. (B) on which an appraisal or appraisal service was performed or should have been performed under the terms of the engagement.

   4. (4) "Civil action" means a civil action or proceeding, including a civil action in contract, tort, negligence, misrepresentation, or consumer protection. However, the term does not include:

      1. (A) a civil action or proceeding based on:

         1. (i) intentional fraud; or
         2. (ii) willful misconduct, including deliberate misrepresentation, concealment, or other intentional wrongful acts; or
      2. (B) a licensing, disciplinary, or administrative enforcement action under IC 25-34.1 or any other law.
   5. (5) "Real estate appraiser" means a real estate appraiser licensed or certified under IC 25-34.1 .
3. (c) A civil action may not be brought against a real estate appraiser or appraisal management company for damages or other relief arising out of, based upon, or relating to an appraisal or appraisal service unless the civil action is commenced not later than five (5) years after the appraisal service date.

As added by P.L.35-2026, SEC.1.