(a) Each appraisal management company seeking registration or renewal of registration in the State shall certify that the appraisal management company maintains a detailed record of each service request the company receives for appraisals of real property located in the State.

Terms Used In Hawaii Revised Statutes 466L-21

  • 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

  • Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) An appraisal management company registered in the State shall retain all records required to be maintained under this chapter for at least five years after the file is submitted to the appraisal management company or at least two years after final disposition of any related judicial proceeding of which the appraisal management company is provided notice, whichever period expires last.
(c) All records required to be maintained pursuant to this section shall be made available for inspection by the director upon request.

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