HI SB2453

Establishes procedures for arbitration proceedings involving fair market value, fair market rental, or fair and reasonable rent of real property in Hawaii.

Requires each party (lessor and lessee) to select a licensed or certified real estate appraiser under chapter 466K, who then jointly select a third arbitrator from a department list.

The third arbitrator reviews valuations from both parties' appraisers and prepares a final appraisal report determining the property valuation.

Allows circuit court judges to appoint an appraiser if either party fails to select one; each party pays for their own appraiser while costs for the third appraiser are split equally.

Requires the Department of Commerce and Consumer Affairs to maintain a list of qualified, unbiased appraisers with no conflicts of interest, and allows inclusion of out-of-state appraisers if insufficient qualified appraisers exist in Hawaii.