HI SB390

Establishes a registration program for appraisal management companies (AMCs) in Hawaii to comply with federal Dodd-Frank Act requirements and the federal AMC Final Rule, effective August 10, 2015.

Requires non-federally regulated AMCs to register with the Department of Commerce and Consumer Affairs, pay fees ($100 application, $5,000 biennial registration, $500 compliance fee, $390 special assessment), and maintain a $25,000 surety bond.

Mandates that registered AMCs engage only state-licensed or state-certified appraisers, ensure appraiser independence, pay appraisers within 45 days, and conduct appraisal reviews only through licensed/certified appraisers.

Establishes minimum standards prohibiting improper influence of appraisals, false statements in applications, altering appraisal reports without consent, and removing appraisers from panels without cause and written notice (except within first 90 days).

Grants the director authority to deny, suspend, or revoke AMC registrations and impose penalties up to $5,000 per violation for violations of the chapter; exempts federally regulated AMCs, entities exclusively employing appraisers as employees, and certain financial institution departments.