Hawaii Revised Statutes 466L-27 – Fees; bond required
Terms Used In Hawaii Revised Statutes 466L-27
- 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
- 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
In addition, upon the issuance of a new registration and at each renewal period, each appraisal management company shall pay a special assessment fee of $300 that shall be deposited into the compliance resolution fund established pursuant to section 26-9(o). Fees assessed pursuant to this chapter shall be used to defray costs incurred by the department in implementing this chapter.