(a) No employee, director, officer, agent, independent contractor, or other third party acting on behalf of an appraisal management company shall:

Terms Used In Hawaii Revised Statutes 466L-25

  • 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

  • Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
  • Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
(1) Procure or attempt to procure a registration or renewal by knowingly making a false statement, submitting false information, or refusing to provide complete information in response to a question in an application for registration or renewal;
(2) Wilfully violate this chapter or rules adopted by the director pursuant to this chapter;
(3) Improperly influence or attempt to improperly influence the development, reporting, result, or review of an appraisal through intimidation, coercion, extortion, bribery, or any other manner, including but not limited to:

(A) Withholding payment for appraisal services;
(B) Threatening to exclude an appraiser from future work or threatening to demote or terminate the appraiser in order to improperly obtain a desired result;
(C) Conditioning payment of an appraisal fee upon the opinion, conclusion, or valuation to be reached; or
(D) Requesting that an appraiser report a predetermined opinion, conclusion, or valuation or the desired valuation of any person or entity;
(4) Alter, amend, or change an appraisal report submitted by an appraiser without the appraiser’s knowledge and written consent;
(5) Except within the first ninety days after an independent appraiser is added to an appraiser panel, remove an independent appraiser from an appraiser panel without prior written notice to the appraiser; provided that the prior written notice shall include the following, if applicable:

(A) The appraiser’s illegal conduct;
(B) The appraiser’s violation of the Uniform Standards of Professional Appraisal Practice, this chapter, or rules adopted pursuant to this chapter;
(C) The appraiser’s improper or unprofessional conduct; or
(D) The appraiser’s substandard performance or other substantive deficiencies;
(6) Require an appraiser to sign any indemnification agreement that would require the appraiser to defend and hold harmless the appraisal management company or any of its agents or employees for any liability, damage, losses, or claims arising out of the services performed by the appraisal management company or its agents, employees, or independent contractors, and not the services performed by the appraiser;
(7) Prohibit lawful communications between the appraiser and any other person to whom the appraiser, in the appraiser’s professional judgment, believes possesses information that would be relevant;
(8) Engage in any other act or practice that impairs or attempts to impair a real estate appraiser’s independence, objectivity, and impartiality;
(9) Fail to timely respond to any subpoena or other request for information;
(10) Fail to timely obey an administrative order of the director or department; or
(11) Fail to cooperate in any investigation.
(b) Nothing in this chapter shall prevent an appraisal management company from requesting an appraiser to provide additional information about the basis for a valuation, correct objective factual errors in an appraisal report, or consider additional appropriate property information.

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