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HI HB846
Bill
Status
1/26/2011
Primary Sponsor
Calvin Say
Click for details
AI Summary
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Requires real estate appraisers licensed or certified in Hawaii to comply with the Uniform Standards of Professional Appraisal Practice (USPAP) when performing appraisals for federally or non-federally related real estate transactions.
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Extends USPAP compliance requirement to real estate appraisers acting as arbitrators in arbitration proceedings to determine fair market value, fair market rental, or fair and reasonable rent of real estate.
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Establishes that USPAP rules and standards take precedence over any conflicting arbitration process requirements, including those in chapter 658A, Hawaii Revised Statutes.
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Effective July 1, 2112.
Legislative Description
Real Estate Appraisal Arbitration; Uniform Standards of Professional Appraisal Practice
Last Action
(H) Passed Second Reading as amended in HD 1 and referred to the committee(s) on CPC with Representative(s) Belatti, Saiki voting no (2) and Representative(s) Carroll, Herkes, McKelvey excused (3).
2/18/2011