Bill Text: HI HB139 | 2011 | Regular Session | Amended
Bill Title: Real Estate Appraisers
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2011-03-10 - (S) Referred to CPN. [HB139 Detail]
Download: Hawaii-2011-HB139-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
139 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO REAL ESTATE APPRAISERS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 466K-1, Hawaii Revised Statutes, is amended to read as follows:
"§466K-1 Findings and purpose.
The legislature finds that the regulation of real estate appraisers is
reasonably necessary to protect consumers. The legislature further finds that Title
12 United States Code [§3301] Section 3301 et seq. [requires]
and Section 3331 et seq. require that real estate appraisals [utilized]
used in connection with federally related transactions be performed by
individuals who are certified appraisers. The purposes of this chapter are to
implement the requirements of Title 12 United States Code [§3301]
Section 3301 et seq. and Section 3331 et seq. and to
require that all real estate appraisals be performed by licensed or certified
appraisers. The requirements of this chapter do not apply to any real estate
appraiser employed by any county for purposes of valuing real property for ad
valorem taxation."
SECTION 2. Section 466K-3, Hawaii Revised Statutes, is amended to read as follows:
"§466K-3 Powers and duties of the director. In addition to any other powers and duties authorized by law, the director shall have the following powers and duties:
(1) To grant permission to practice as a certified
real estate appraiser in this State pursuant to this chapter and Title 12
United States Code [§3301] Section 3301 et seq. and Section
3331 et seq. and the rules and regulations adopted pursuant thereto;
(2) To adopt, amend, or repeal rules as the director
finds necessary to effectuate fully this chapter and Title 12 United
States Code [§3301] Section 3301 et seq.[;] and Section
3331 et seq.;
(3) To enforce this chapter and Title 12
United States Code [§3301] Section 3301 et seq. and Section
3331 et seq. and rules and regulations adopted pursuant thereto;
(4) To discipline a certified real estate appraiser
for any cause prescribed by this chapter or Title 12 United States Code [§3301]
Section 3301 et seq. and Section 3331 et seq. or for any
violation of the rules and regulations and refuse to grant a person permission
to practice as a certified real estate appraiser for any cause that would be
grounds for disciplining a certified real estate appraiser;
(5) To act as the designated representative of this
State to implement Title 12 United States Code [§3301] Section
3301 et seq.[;] and Section 3331 et seq.; and
(6) To appoint an advisory committee to assist with
the implementation of this chapter and Title 12 United States Code [§3301]
Section 3301 et seq. and Section 3331 et seq. and the
rules and regulations adopted pursuant thereto."
SECTION 3. The department of commerce and consumer affairs shall analyze the impact of expanding the current scope of chapter 466K, Hawaii Revised Statutes to include the regulation of real estate appraisal management companies, to accommodate the applicable provisions of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Title 12 United States Code Section 3331 et seq., and the federal rules adopted thereunder. The analysis shall also include the cost of the implementation and the means of financing.
The department of commerce and consumer affairs shall submit a report of its findings and recommendations, including any proposed legislation, to the legislature not later than twenty days prior to the convening of the regular session of 2012.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on January 7, 2059.
Report Title:
Real Estate Appraisers
Description:
Expands the scope of the current law to include the regulation of real estate appraisal management companies in order to comply with the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the federal rules adopted thereunder. Effective January 7, 2059. (HB139 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
