(a) For purposes of determining whether an appraisal entity meets the size requirement of an appraisal management company, as that term is defined in § 466L-2, an appraiser shall be deemed part of the appraisal management company’s appraiser panel as of the earliest date on which the appraisal management company:

Terms Used In Hawaii Revised Statutes 466L-5

  • 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

  • Creditor: means a person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments (not including a down payment) and to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. See Hawaii Revised Statutes 466L-2
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Secondary mortgage market participant: means a guarantor or insurer of mortgage-backed securities or an underwriter or issuer of mortgage-backed securities. See Hawaii Revised Statutes 466L-2
(1) Accepts the appraiser for the appraisal management company’s consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; or
(2) Engages the appraiser to perform one or more appraisals on behalf of a creditor for covered transactions or a secondary mortgage market participant in connection with covered transactions.
(b) An appraiser who is deemed part of the appraisal management company’s appraiser panel pursuant to subsection (a) shall be deemed to remain on the appraiser panel until the date on which the appraisal management company:

(1) Sends written notice to the appraiser removing the appraiser from the appraiser panel, with an explanation of the appraisal management company’s action; or
(2) Receives written notice from the appraiser asking to be removed from the appraiser panel or notice of the death or incapacity of the appraiser.
(c) If an appraiser is removed from an appraisal management company’s appraiser panel pursuant to subsection (b), and the appraisal management company subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the twelve months after the appraiser’s removal:

(1) The removal shall be deemed not to have occurred; and
(2) The appraiser shall be deemed to have been part of the appraisal management company’s appraiser panel without interruption.
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