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HI SB771
Bill
AI Summary
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Requires real estate appraisers licensed in Hawaii to comply with the Uniform Standards of Professional Appraisal Practice when performing appraisals for federally or non-federally related real estate transactions.
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Extends the requirement to apply Uniform Standards of Professional Appraisal Practice when a real estate appraiser acts as an arbitrator in proceedings to determine fair market value or fair market rental of real estate.
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Mandates that arbitration awards involving real estate appraisers include findings of fact, the appraiser's rationale for the award, and information about evidence supporting the award decision.
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Updates cross-references in Hawaii Revised Statutes section 658A-23 to reflect renumbering of award timeline provisions from subsection (b) to subsection (c).
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Takes effect upon approval.
Legislative Description
Real Estate Appraisal Arbitration; Uniform Standards of Professional Appraisal Practice
Last Action
(H) Received from Senate (Sen. Com. No. 536) motion to override veto that was approved and carried by a 2/3 vote by the members of the Senate.
4/9/2010