Bill Text: HI SB771 | 2010 | Regular Session | Amended
Bill Title: Real Estate Appraisal Arbitration; Uniform Standards of Professional Appraisal Practice
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Vetoed) 2010-04-09 - (H) Received from Senate (Sen. Com. No. 536) motion to override veto that was approved and carried by a 2/3 vote by the members of the Senate. [SB771 Detail]
Download: Hawaii-2010-SB771-Amended.html
Report Title:
Real Estate Appraisal Arbitration; Uniform Standards of Professional Appraisal Practice
Description:
Requires a real estate appraiser to rely on the Uniform Standards of Professional Appraisal Practice when acting as an appraiser in an arbitration to guide the arbitrator's decision regarding an award. (SD1)
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THE SENATE |
S.B. NO. |
771 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO APPRAISALS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to require a real estate appraiser to rely on the Uniform Standards of Professional Appraisal Practice when acting as an appraiser in an arbitration to guide the appraiser's decision in determining an arbitration award.
SECTION 2. Section 466K-4, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) No person may practice as a real estate appraiser in this State unless that person has been licensed or certified to practice in accordance with this chapter and rules adopted by the director of commerce and consumer affairs pursuant to chapter 91. All real estate appraisers who are licensed or certified to practice in this State shall comply with the current uniform standards of professional appraisal practice approved by the director when performing appraisals in connection with a federally or non-federally related real estate transaction. A real estate appraiser shall comply with the uniform standards of professional appraisal practice when acting as an appraiser or as an arbitrator in an arbitration proceeding to determine the fair market value or fair market rental of real estate."
SECTION 3. Section 658A-19, Hawaii Revised Statutes, is amended to read as follows:
"[[]§658A-19[]] Award.
(a) An arbitrator shall make a record of an award. The record shall be signed
or otherwise authenticated by any arbitrator who concurs with the award. The
arbitrator or the arbitration organization shall give notice of the award,
including a copy of the award, to each party to the arbitration proceeding.
(b) In an arbitration proceeding to determine the fair market value or fair market rental of real property where the arbitrator is a real estate appraiser licensed under chapter 466K, the record of an award shall include but not be limited to findings of fact, the appraiser's rationale for the award, and information regarding the evidence which provided the basis for the award.
[(b)] (c) An award shall be made
within the time specified by the agreement to arbitrate or, if not specified
therein, within the time ordered by the court. The court may extend or the
parties to the arbitration proceeding may agree in a record to extend the
time. The court or the parties may do so within or after the time specified or
ordered. A party waives any objection that an award was not timely made unless
the party gives notice of the objection to the arbitrator before receiving
notice of the award."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2020.
