HRS §466M-22
Rules for paying appraisers on time
An appraisal management company must pay independent appraisers within 45 days after the appraiser sends the completed appraisal, unless they agreed to a different payment arrangement or the appraiser broke the contract or did poor work. When registering, the company must also promise to keep appraisals independent and pay a fair fee.
The statute, as written — Payments to appraisers
(a) An appraisal management company shall, except in bona fide cases of breach of contract or substandard performance of services, make payment to an independent appraiser for the completion of an appraisal or valuation assignment within forty-five days of the date on which the appraiser transmits or otherwise provides the completed appraisal or valuation assignment to the appraisal management company or the company's assignee, unless a mutually agreed-upon alternate arrangement has been previously established. (b) An appraisal management company seeking registration or renewal of registration shall certify that the company will require appraisals to be conducted independently, as required by the appraisal independence requirements under section 129E of the Truth in Lending Act, title 15 United States Code section 1639e, including the requirement that a customary and reasonable fee be paid to an independent appraiser who completes an appraisal in connection with a consumer credit transaction secured by the principal dwelling.
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