Terms Used In Hawaii Revised Statutes 466L-6

• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• Federally regulated appraisal management company: means an appraisal management company that is owned and controlled by an insured depository institution, as defined in title 12 United States Code § 1813, and regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Deposit Insurance Corporation. See Hawaii Revised Statutes 466L-2
• Federally related transaction: means any real estate-related financial transaction that involves an insured depository institution regulated by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, or National Credit Union Administration, and that requires the services of an appraiser under the interagency appraisal rules. See Hawaii Revised Statutes 466L-2
• 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
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}