STAND. COM. REP. NO.  1723-08

Honolulu, Hawaii

                , 2008

RE:   S.B. No. 2407

      S.D. 1

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Judiciary, to which was referred S.B. No. 2407, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO REAL ESTATE APPRAISALS,"

begs leave to report as follows:

     The purpose of this bill is to ensure the objectivity of real estate appraisals by prohibiting financial institutions and mortgage brokers or solicitors from improperly influencing the development, reporting, result, or review of a real estate appraisal, if compensation is affected by the appraisal.

     The Hawaii Bankers Association opposed this bill.  The Department of Commerce and Consumer Affairs Regulated Industries Complaints Office, Hawaii Association of REALTORS, and a concerned individual submitted comments.

     As affirmed by the record of votes of the members of your Committee on Judiciary that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2407, S.D. 1, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Judiciary,

____________________________

TOMMY WATERS, Chair