Hawaii Revised Statutes 466L-13 – Reporting requirements; nonfederally regulated appraisal management companies
Terms Used In Hawaii Revised Statutes 466L-13
- 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
- Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council created pursuant to title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989. See Hawaii Revised Statutes 466L-2
- Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
The director shall collect from each appraisal management company registered or seeking registration in the State all information and fees required by the Appraisal Subcommittee to be submitted to the Appraisal Subcommittee by the State, pursuant to regulations or guidance promulgated by the Appraisal Subcommittee.