HRS §466M-1
Purpose of the appraisal management company law
This section explains why Hawaii is making rules for appraisal management companies. It says the rules are needed to protect consumers and to match federal law. The chapter sets minimum standards for non-federally regulated appraisal management companies.
businesses
The statute, as written — Findings and purpose
The legislature finds that the regulation of appraisal management companies is essential to protect consumers. The legislature further finds that it is necessary to establish a regulatory framework for appraisal management companies in the State in conformity with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, and the final regulations published on June 9, 2015, at title 12 Code of Federal Regulations sections 1222.20 et seq., 80 Federal Register 32687 et seq. The purpose of this chapter is to establish minimum requirements for the regulation of certain non-federally regulated appraisal management companies.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.