HI SB390

Establishes a new appraisal management company (AMC) registration program within the Department of Commerce and Consumer Affairs to comply with federal Dodd-Frank Act requirements and the AMC Final Rule effective August 10, 2015.

Requires non-federally regulated AMCs to register with the state, maintain a $25,000 surety bond, pay registration fees ($5,000 biennial plus $500 compliance fee and $390 special assessment), and comply with appraiser independence and consumer protection standards.

Prohibits AMCs from engaging in practices that compromise appraiser independence, including improper fee conditioning, threatening removal from appraiser panels, altering appraisal reports without consent, and withholding timely payment for completed appraisals.

Grants the Director of Commerce and Consumer Affairs authority to examine AMC records, verify appraiser credentials, investigate violations, and impose discipline including denial, suspension, or revocation of registration with penalties up to $5,000 per violation.

Establishes requirements for AMC owners and controlling persons including good moral character, criminal history background checks, and restrictions on individuals with substantive appraiser license revocations; chapter repeals June 30, 2023.