HB2641 - Appraisal Management Companies

• Reestablishes the Appraisal Management Company (AMC) registration program within the Department of Commerce and Consumer Affairs, effective September 1, 2024, after the previous program expired June 30, 2023.

• Requires AMCs overseeing more than 15 appraisers in Hawaii or 25+ appraisers across multiple states to register with the state and comply with federal Dodd-Frank Act requirements for appraisal independence.

• Establishes registration fees ($60 application, $4,200 biennial registration, $500 biennial compliance fee, plus $300 special assessment) and requires $25,000 surety bonds from all registered AMCs.

• Imposes strict requirements on AMCs including verification of appraiser licenses, prohibition of appraiser compensation tied to property values, 45-day payment deadlines to appraisers, and maintenance of records for 5+ years.

• Appropriates $23,000 from the Compliance Resolution Fund for fiscal years 2023-2024 and 2024-2025 to implement the program, authorizing DCCA to hire necessary personnel outside civil service rules.