Bill Text: HI SB2453 | 2012 | Regular Session | Introduced
Bill Title: Arbitration; Real Property; Appraisers; DCCA
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Introduced - Dead) 2012-02-22 - (S) The committee on CPN deferred the measure. [SB2453 Detail]
Download: Hawaii-2012-SB2453-Introduced.html
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THE SENATE |
S.B. NO. |
2453 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to arbitration.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 658A, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§658A- Real property appraisals. (a) In an arbitration proceeding to determine the fair market value, fair market rental, or fair and reasonable rent of real property, the lessor and lessee shall each select an arbitrator who is a real estate appraiser licensed or certified under chapter 466K, who then shall jointly select a third arbitrator from the list of appraisers provided by the department of commerce and consumer affairs pursuant to subsection (d).
(b) The jointly selected third arbitrator shall review the appraisal valuations prepared by the arbitrators selected by the lessor and lessee and prepare an appraisal report setting forth the final valuation.
(c) If the lessor or lessee fails to select an appraiser, the selection shall be made by a judge sitting in the circuit in which the land is located. The lessor and lessee shall be responsible for the cost of their respective appraisers, and the cost of the third appraiser shall be shared equally by the lessor and lessee.
(d) For an arbitration proceeding to determine the fair market value, fair market rental, or fair and reasonable rent of real property, the department of commerce and consumer affairs shall provide the lessor and lessee with a list of real estate appraisers whom the department has determined:
(1) Are licensed or certified under chapter 466K;
(2) Have not provided any appraisal services for either the lessor or lessee and do not have any conflicts of interest in the outcome of the arbitration; and
(3) Are unbiased;
provided that if the department of commerce and consumer affairs is unable to identify a sufficient number of qualified real estate appraisers in this State, the department may add to the list real estate appraisers who are licensed or certified in another jurisdiction and satisfy the requirements of paragraphs (2) and (3).
(e) The department of commerce and consumer affairs may adopt rules pursuant to chapter 91 necessary for the purposes of this section."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Arbitration; Real Property; Appraisers; DCCA
Description:
Establishes a process by which licensed or certified, unbiased real estate appraisers are used for arbitration proceedings to determine the fair market value, fair market rental, or fair and reasonable rent of real property. Requires the DCCA to provide a list of appraisers meeting certain criteria.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
