HB 847 Summary

• Requires arbitration awards involving real estate appraisals to include findings of fact, the appraiser's rationale, and detailed information about evidence, data, methodologies, and analysis used in the determination.

• Applies specifically to arbitration proceedings where a real estate appraiser licensed under chapter 466K determines fair market value, fair market rental, or fair and reasonable rent of real property.

• Establishes that uniform standards of professional appraisal practice prevail over conflicting provisions in Hawaii's arbitration law and related statutes.

• Updates cross-references in section 658A-23 to reflect the new award requirements in amended section 658A-19.

• Takes effect July 1, 2112.