Terms Used In Hawaii Revised Statutes 466L-26

• Appraisal: A determination of property value.
• Appraisal management company: means a person that:

  (1) Provides appraisal management services to creditors or secondary mortgage market participants, including affiliates;

  (2) Provides appraisal management services in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating these transactions into securitizations; and

  (3) Within a twelve-month calendar year, beginning January 1 of each year and ending on December 31 of each year, oversees an appraiser panel of more than fifteen state-certified or state-licensed appraisers in a state or twenty-five or more state-certified or state-licensed appraisers in two or more states, as described in section 466L-5. See Hawaii Revised Statutes 466L-2

• Appraisal management services: means one or more of the following:

  (1) Recruiting, selecting, and retaining appraisers;

  (2) Contracting with state-certified or state-licensed appraisers to perform appraisal assignments;

  (3) Managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary market participants; collecting fees from creditors and secondary market participants for services provided; and paying appraisers for services performed; and

  (4) Reviewing and verifying the work of appraisers. See Hawaii Revised Statutes 466L-2

• Continuance: Putting off of a hearing ot trial until a later time.
• Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 466L-2
• Fraud: Intentional deception resulting in injury to another.