The director may deny, suspend, or revoke the registration of an appraisal management company; impose a monetary penalty of an amount not to exceed $5,000 per violation; issue a letter of reprimand; refuse to issue or renew the registration of an appraisal management company; or take other disciplinary action against an appraisal management company for any one or more of the following acts or conditions:

(1) The applicant is not of a good moral character;

Terms Used In Hawaii Revised Statutes 466L-26

  • 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 management services: means one or more of the following:

    (1) Recruiting, selecting, and retaining appraisers;

    (2) Contracting with state-certified or state-licensed appraisers to perform appraisal assignments;

    (3) Managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary market participants; collecting fees from creditors and secondary market participants for services provided; and paying appraisers for services performed; and

    (4) Reviewing and verifying the work of appraisers. See Hawaii Revised Statutes 466L-2

  • Continuance: Putting off of a hearing ot trial until a later time.
  • 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
  • Fraud: Intentional deception resulting in injury to another.
(2) The applicant has had a registration revoked or suspended for cause, or surrendered in lieu of disciplinary proceedings;
(3) The applicant, upon renewal of registration, would not be eligible for registration on a first application;
(4) The issuance of a registration would result in a violation of this chapter or any rules adopted pursuant to this chapter;
(5) In the conduct of affairs under the registration, the registrant has demonstrated incompetency, untrustworthiness, or conduct or practices rendering the registrant unfit to carry on appraisal management services; made continuance in the business detrimental to the public interest; or is no longer in good faith carrying on appraisal management services, and for this conduct is found by the director to be a source of detriment, injury, or loss to the public;
(6) The appraisal management company committed any act in violation of this chapter;
(7) The appraisal management company violated any rule adopted by the department in the interest of the public and consistent with this chapter;
(8) The appraisal management company procured a registration or renewal of registration for the appraisal management company or intentionally committed any other act by fraud, misrepresentation, or deceit; or
(9) The appraisal management company violates this chapter, chapter 436B, or any rule or order of the director.

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