Terms Used In Hawaii Revised Statutes > Chapter 466L - Appraisal Management Companies

• AMC national registry: means the registry of state-registered appraisal management companies and federally regulated appraisal management companies maintained by the Appraisal Subcommittee. See Hawaii Revised Statutes 466L-2
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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

• Appraisal review: means the process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal assignment or appraisal review assignment related to the appraiser's data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice. See Hawaii Revised Statutes 466L-2
• Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council created pursuant to title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989. 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

• Certificate of need: means an authorization, when required pursuant to § 323D-43, to construct, expand, alter, or convert a health care facility or to initiate, expand, develop, or modify a health care service. See Hawaii Revised Statutes 323D-2
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Consumer credit: means credit offered or extended to a consumer primarily for personal, family, or household purposes. See Hawaii Revised Statutes 466L-2
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means :

  (1) An officer, director, or owner of greater than a ten per cent interest of a corporation, partnership, or other business entity seeking to act as an appraisal management company in the State;

  (2) An individual employed, appointed, or authorized by an appraisal management company who has the authority to:

  (A) Enter a contractual relationship with other persons for performance of services requiring registration as an appraisal management company; and

  (B) Enter agreements with appraisers for the performance of appraisals; or

  (3) An individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Hawaii Revised Statutes 466L-2

• Corporation: means the body corporate and politic known as the Hawaii health systems corporation. See Hawaii Revised Statutes 323F-1
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation board: means the board of directors of the corporation. See Hawaii Revised Statutes 323F-1
• 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
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the department of health. See Hawaii Revised Statutes 323F-1
• Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
• Director: means the director of health. See Hawaii Revised Statutes 323F-1
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
• Division: means the programs, services, and facilities operated by the department of health, division of community hospitals, prior to the transfer date. See Hawaii Revised Statutes 323F-1
• Dwelling: includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence. See Hawaii Revised Statutes 466L-2
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Health: includes physical and mental health. See Hawaii Revised Statutes 323D-2
• Health facility: means any one of the facilities that constitute the division of community hospitals. See Hawaii Revised Statutes 323F-1
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual or a natural person, a trust or estate, a society, a firm, an assembly, a partnership, a corporation, a professional corporation, an association, the State, any political subdivision of the State, a county, a state agency or any instrumentality of the State, a county agency or any instrumentality of a county. See Hawaii Revised Statutes 323D-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
• Personal property: All property that is not real property.
• Provider: means any supplier of medical or health care goods and services of the type provided at a Hawaii health systems facility. See Hawaii Revised Statutes 323F-1
• Real estate-related financial transaction: means any transaction involving the sale, lease, purchase, investment in, or exchange of real property, including interests in property or the financing thereof, including the refinancing of real property or interests in real property and the use of real property or interests in property as security for a loan or investment, including mortgage-backed securities. See Hawaii Revised Statutes 466L-2
• Regional system board: means a community-based governing board of directors of a regional system of the corporation. See Hawaii Revised Statutes 323F-1
• 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
• Service of process: The service of writs or summonses to the appropriate party.
• Subpoena: A command to a witness to appear and give testimony.
• Transfer date: means a date agreed to by the department and the corporation for the transfer of health systems assets to and the assumption of health systems liabilities, which includes without limitation, all debts or other obligations, contingent or certain, owing on such date, by the corporation. See Hawaii Revised Statutes 323F-1
• 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}
• Uniform Standards of Professional Appraisal Practice: means the most recent iteration of the Uniform Standards of Professional Appraisal Practice developed by the appraisal standards board of The Appraisal Foundation and approved by the director. See Hawaii Revised Statutes 466L-2