STAND. COM. REP. NO.  1351

Honolulu, Hawaii

                , 2017

RE:   S.B. No. 390

      S.D. 2

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sir:

     Your Committee on Consumer Protection & Commerce, to which was referred S.B. No. 390, S.D. 2, H.D. 1, entitled:

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

begs leave to report as follows:

The purpose of this measure is to regulate appraisal management companies by:

     (1)  Establishing, within the Department of Commerce and Consumer Affairs, an Appraisal Management Company Registration Program to ensure that appraisal management companies in Hawaii conform to minimum regulatory standards under federal law; and

     (2)  Appropriating funds for implementation of the Program.

The Professional and Vocational Licensing Division of the Department of Commerce and Consumer Affairs, Hawaii Association of REALTORS, Hawaii Financial Services Association, Mortgage Bankers Association, Real Estate Valuation Advocacy Association, and a concerned individual testified in support of this measure.  The Hawaii Bankers Association and Hawaii Credit Union League testified in support of the intent of this measure.  The Regulated Industries Complaints Office of the Department of Commerce and Consumer Affairs provided comments.

     As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 390, S.D. 2, H.D. 1, and recommends that it be referred to your Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,

____________________________

ROY M. TAKUMI, Chair