Hawaii Revised Statutes 466L-24 – Mandatory reporting of violations
Terms Used In Hawaii Revised Statutes 466L-24
- 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
An appraisal management company that has a reasonable basis to believe an appraiser has materially failed to comply with applicable laws or rules or has materially violated the Uniform Standards of Professional Appraisal Practice shall refer the matter to the director in conformance with applicable federal laws and regulations.