This bill creates new statutory sections and amends existing law in chapter 18.140 RCW to define appraisal-related terms, set responsibilities for supervisory appraisers and appraiser trainees, and limit who can be treated as intended users of an appraisal report. It establishes that an appraisal report is prepared only for the client, any intended user named in the report, and, if the client is a financial institution or mortgage lender, that institution’s immediate successor in interest when transferring the report. The bill bars suing state-certified or state-licensed appraisers, state-registered appraiser trainees, appraisal management companies, or appraisal firms in court for claims arising from an appraisal report by any person or entity other than those specified. The bill also adds a new statute of limitations for claims based on appraisal reports completed on or after the effective date: a claimant must sue within the earlier of two years from discovery of the act or omission or five years from the appraiser’s signature. That time limit does not apply to fraud claims under RCW 4.16.080 and does not limit the Department of Licensing’s authority to investigate or discipline under chapters 18.140 or 18.310 RCW. The act reenacts and amends RCW 18.140.010, includes a severability clause, and identifies affected agencies and licensees. The text references adding a new section to chapter 18.310 RCW and an effective date for the new limitations rule, but those specific provisions and the effective date are not included in the provided material.

If enacted, the bill would sharply narrow who can bring court claims over an appraisal to the client, any intended user named in the report, and a lender’s immediate successor when a lender transfers the report, and it would impose a statute of limitations for new appraisals of the earlier of two years from discovery or five years from the appraiser’s signature (fraud claims excluded). That will likely reduce appraisers’ and appraisal companies’ exposure to third‑party lawsuits and could lower their legal defense and professional liability costs, while leaving the Department of Licensing able to investigate and discipline licensees under existing law. The people most affected are state‑certified and state‑licensed appraisers, registered trainees, appraisal management companies, appraisal firms, clients and named intended users, and lenders; supervisory appraisers remain obligated to sign and accept full responsibility for reports and trainees who sign or are identified as having provided significant assistance also assume full responsibility. Important details are missing from the extracted text — notably the bill’s effective date and the promised new section for chapter 18.310 RCW — so the timing and any additional changes to appraisal management company rules are unclear.