Hawaii Revised Statutes 466L-17 – Appraiser engagement
Terms Used In Hawaii Revised Statutes 466L-17
- 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
- appraiser panel: include :
(1) Appraisers accepted by the appraisal management company for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; and
(2) Appraisers engaged by the appraisal management company to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. See Hawaii Revised Statutes 466L-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Before or at the time of placing an assignment to appraise real property in the State with an appraiser on the appraiser panel of an appraisal management company, the appraisal management company shall verify that the appraiser receiving the assignment holds an appraiser license or certification in good standing in this State and verify that the appraiser receiving the assignment meets the competency rule of the Uniform Standards of Professional Appraisal Practice. An attestation provided by an appraiser that such appraiser is geographically competent within the appraiser’s scope of practice will satisfy an appraisal management company’s responsibility under this section.