HI SB2728

Reestablishes the appraisal management company registration program administered by the Department of Commerce and Consumer Affairs, which was previously repealed June 30, 2023, to comply with federal Dodd-Frank Act requirements and protect consumers.

Requires appraisal management companies to register with the state, maintain a $25,000 surety bond, pay registration fees ($60 application, $4,200 biennial registration, $500 biennial compliance fund, and $300 special assessment), and comply with Uniform Standards of Professional Appraisal Practice.

Establishes regulatory standards including criminal history record checks for owners and controlling persons, verification of appraiser licensure, prohibition of appraiser panel removal without prior written notice, restrictions on influencing appraisals, and mandatory reporting of appraiser violations.

Grants the director authority to deny, suspend, or revoke registrations and impose penalties up to $5,000 per violation for non-compliance with registration requirements, appraiser independence standards, and state/federal appraisal regulations.

Appropriates funds from the compliance resolution fund for fiscal years 2023-2024 and 2024-2025 to implement the program, effective September 30, 2050 (with July 1, 2050 effective date for appropriations).