Louisiana Revised Statutes Tit. 9, § 5610. Actions against real estate appraisers, appraisal management companies, and real estate appraisal companies; prescriptive and peremptive periods

A. No action for damages against any real estate appraiser or appraisal management company duly licensed under the laws of this state, or against any real estate appraisal company, whether based in tort, breach of contract, or otherwise arising out of an agreement to perform real estate appraisal services or appraisal management company services, shall be brought unless filed in a court of competent jurisdiction and proper venue within one year from the date of the act, omission, or neglect, or within one year from the date that the alleged act, omission, or neglect is discovered or should have been discovered; however, even as to actions filed within one year from the date of such discovery, in all events such actions shall be filed at the latest within three years from the date of the act, omission, or neglect.

B. The provisions of this Section are remedial and apply to all causes of action without regard to the date when the alleged act, omission, or neglect occurred. However, with respect to any alleged act, omission, or neglect occurring prior to August 1, 2019, actions shall, in all events, be filed in a court of competent jurisdiction and proper venue on or before August 1, 2020, without regard to the date of discovery of the alleged act, omission, or neglect. The one-year period of limitation provided in Subsection A of this Section is prescriptive within the meaning of Civil Code Article 3447. The three-year period of limitation provided in Subsection A of this Section is a peremptive period within the meaning of Civil Code Article 3458 and, in accordance with Civil Code Article 3461, may not be renounced, interrupted, or suspended.

C. Notwithstanding any other law to the contrary, the prescriptive and peremptive period in all actions brought in this state against any real estate appraiser, appraisal management company, or real estate appraisal company shall be governed exclusively by the provisions of this Section.

D. The prescriptive period provided in Subsection A of this Section shall not apply in cases of fraud, as defined in Civil Code Article 1953.

E. The prescriptive period provided in Subsection A of this Section shall not apply to any proceedings initiated by the Louisiana Real Estate Appraisers Board.