A federally regulated appraisal management company operating in the State shall report to the director the information required to be submitted by the State to the Appraisal Subcommittee, pursuant to the Appraisal Subcommittee‘s policies regarding the determination of the AMC national registry fee. These reporting requirements shall include:

(1) A notice of intent to operate in the State;

Terms Used In Hawaii Revised Statutes 466L-14

  • AMC national registry: means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the Appraisal Subcommittee. See Hawaii Revised Statutes 466L-2
  • 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
  • Person: means a natural person or an organization, including a corporation, partnership, proprietorship, association, cooperative, estate, trust, or government unit. See Hawaii Revised Statutes 466L-2
(2) Information related to whether the appraisal management company is owned in whole or in part, directly or indirectly, by any person who has had an appraiser license or certification refused, denied, canceled, surrendered in lieu of revocation, or revoked in any state for a substantive cause, as determined by the Appraisal Subcommittee; and
(3) If a person has had such action taken on the person’s appraisal license or certification, the director shall collect information related to whether the license or certification was revoked for a substantive cause and if the license or certification has been reinstated by the state or states in which the appraiser was licensed or certified.

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