Hawaii Revised Statutes 466L-11 – Compliance with the Uniform Standards of Professional Appraisal Practice
Terms Used In Hawaii Revised Statutes 466L-11
- Appraisal: A determination of property value.
- Appraisal management company: means a person that:
(1) Provides appraisal management services to creditors or secondary mortgage market participants, including affiliates;
(2) Provides appraisal management services in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating these transactions into securitizations; and
(3) Within a twelve-month calendar year, beginning January 1 of each year and ending on December 31 of each year, oversees an appraiser panel of more than fifteen state-certified or state-licensed appraisers in a state or twenty-five or more state-certified or state-licensed appraisers in two or more states, as described in section 466L-5. See Hawaii Revised Statutes 466L-2
As a condition of registration or renewal of registration, each appraisal management company in the State shall certify that the company requires appraisers completing appraisals at the company’s request to comply with the Uniform Standards of Professional Appraisal Practice.