In addition to any other powers and duties authorized by law, the director shall have the following powers and duties:

(1) Review and approve or deny an appraisal management company‘s application for initial registration;

Terms Used In Hawaii Revised Statutes 466L-4

  • 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

  • Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
(2) Renew or deny an appraisal management company’s registration periodically;
(3) Examine the books and records of an appraisal management company operating in the State and require the appraisal management company to submit reports, information, and documents;
(4) Verify that the appraisers on the appraisal management company’s appraiser panel hold valid state licenses or certifications, as applicable;
(5) Conduct investigations of appraisal management companies to assess potential violations of applicable appraisal-related laws, regulations, or orders;
(6) Discipline, suspend, terminate, or deny renewal of the registration of an appraisal management company that violates applicable appraisal-related laws, regulations, or orders;
(7) Report an appraisal management company’s violation of applicable appraisal-related law, regulations, or orders, as well as disciplinary and enforcement actions and other relevant information about an appraisal management company’s operations, to the Appraisal Subcommittee; and
(8) Adopt, amend, and repeal rules, pursuant to chapter 91, as may be necessary to establish the appraisal management company registration program and implement, administer, and enforce this chapter.

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