CONFERENCE COMMITTEE REP. NO. 111

Honolulu, Hawaii

                 , 2017

RE:    H.B. No. 50

       H.D. 3

       S.D. 2

       C.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sirs:

     Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 50, H.D. 3, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO APPRAISAL MANAGEMENT COMPANIES,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

     The purpose of this bill is to establish a regulatory framework for appraisal management companies to conform with the minimum regulatory requirements of the Federal Appraisal Management Companies Final Rule and Dodd-Frank Wall Street Reform and Consumer Protection Act.

Specifically, this bill:

(1)  Establishes an Appraisal Management Company Registration Program in the Department of Commerce and Consumer Affairs; and

(2)  Appropriates funds out of the Compliance Resolution Fund to implement the Appraisal Management Company Registration Program.

     Your Committee on Conference has amended this bill by:

     (1)  Decreasing the nonrefundable application fee to $60, the biennial registration fee to $4,200, and the special assessment fee to $300;

     (2)  Appropriating $140,000 for fiscal year 2017-2018 to implement the Appraisal Management Company Registration Program;

     (3)  Changing its effective date to January 1, 2018; provided that the appropriation takes effect on July 1, 2017; and

     (4)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

     As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 50, H.D. 3, S.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 50, H.D. 3, S.D. 2, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE SENATE

ON THE PART OF THE HOUSE

____________________________ ROSALYN H. BAKER Chair	____________________________ TAKASHI OHNO Co-Chair
____________________________ BRIAN T. TANIGUCHI Co-Chair	____________________________ ROY M. TAKUMI Co-Chair
	____________________________ SYLVIA LUKE Co-Chair