HI SB975

Requires real estate appraisers licensed under Hawaii law to certify compliance with the Uniform Standards of Professional Appraisal Practice when serving as arbitrators in arbitration proceedings involving fair market value, fair market rental value, or fair and reasonable rent determinations.

Mandates that arbitration awards from state-licensed appraisers must include findings of fact, the appraiser's rationale for the award, certification of compliance with current Uniform Standards of Professional Appraisal Practice as approved by the director of commerce and consumer affairs, and information regarding evidence, data, methodologies, and analysis supporting the award.

Defines "Uniform Standards of Professional Appraisal Practice" as the most recent iteration developed by the Appraisal Foundation's appraisal standards board and approved by the director.

Defines "arbitrator" as an individual appointed to render an award in a controversy subject to an agreement to arbitrate.

Takes effect upon approval.