Terms Used In Hawaii Revised Statutes > Chapter 323F > Part I - General Provisions

• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commission: means the real estate commission of the State. See Hawaii Revised Statutes 467-1
• 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

• Conviction: A judgement of guilt against a criminal defendant.
• 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
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• 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
• Ex officio: Literally, by virtue of one's office.
• 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
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Health facility: means any one of the facilities that constitute the division of community hospitals. See Hawaii Revised Statutes 323F-1
• Hotel: includes a structure or structures used primarily for the business of providing transient lodging for periods of less than thirty days and which furnishes customary hotel services including but not limited to front desk, restaurant, daily maid and linen service, bell service, or telephone switchboard; provided that for the purposes of this chapter, units in a project as defined by § 514B-3 that provide customary hotel services shall be excluded from the definition of hotel. See Hawaii Revised Statutes 467-1
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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 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
• Quorum: The number of legislators that must be present to do business.
• Real estate: means and includes lands, the improvements thereon, leaseholds, and all other interests in real property. See Hawaii Revised Statutes 467-1
• Real estate broker: means any person who, for compensation or a valuable consideration, sells or offers to sell, buys or offers to buy, or negotiates the purchase or sale or exchange of real estate, or lists, or solicits for prospective purchasers, or who leases or offers to lease, or rents or offers to rent, or manages or offers to manage, any real estate, or the improvements thereon, for others, as a whole or partial vocation; or who secures, receives, takes, or accepts, and sells or offers to sell, any option on real estate without the exercise by the person of the option and for the purpose or as a means of evading the licensing requirement of this chapter. See Hawaii Revised Statutes 467-1
• Real estate salesperson: means any individual who, for a compensation or valuable consideration, is employed either directly or indirectly by a real estate broker, or is an independent contractor in association with a real estate broker, to sell or offer to sell, buy or offer to buy, or list, or solicit for prospective purchasers, or who leases or offers to lease, or rents or offers to rent, or manages or offers to manage, any real estate, or the improvements thereon, for others as a whole or partial vocation; or who secures, receives, takes, or accepts, and sells or offers to sell, any option on real estate without the exercise by the individual of the option and for the purpose or as a means of evading the licensing requirements of this chapter. See Hawaii Revised Statutes 467-1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Regional system board: means a community-based governing board of directors of a regional system of the corporation. See Hawaii Revised Statutes 323F-1
• Service of process: The service of writs or summonses to the appropriate party.
• Statute: A law passed by a legislature.
• 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}