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THE SENATE |
S.C.R. NO. |
53 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
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STATE OF HAWAII |
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SENATE CONCURRENT
RESOLUTION
requesting the auditor to conduct a review of the regulation of real estate appraisal management companies.
WHEREAS, real estate appraisal management companies are business entities administering a network of independent real estate appraisers to fulfill real estate appraiser assignments on behalf of mortgage lending institutional clients; and
WHEREAS, real estate appraisers are regulated by the State of Hawaii’s Department of Commerce and Consumer Affairs, Professional and Vocational Licensing Division's, Real Estate Appraisers Program pursuant to chapter 466K, Hawaii Revised Statutes; and
WHEREAS, real estate appraisers are further regulated by the federal Financial Institutions, Reform, Recovery, and Enforcement Act of 1989; and
WHEREAS, unlike real estate appraisers, real estate appraisal management companies are not currently required to register with any state or federal governmental agency and are not subject to any state or federal regulation; and
WHEREAS, section 26H-6, Hawaii Revised Statutes, requires that "[n]ew regulatory measures being considered for enactment that, if enacted, would subject unregulated professions and vocations to licensing or other regulatory controls shall be referred to the auditor for analysis"; and
WHEREAS, section 1 of S.B. No. 1606, introduced during the 2009 Regular Session, proposes the registration and regulation of Hawaii real estate appraisal management companies; now, therefore,
BE IT RESOLVED by the Senate of the Twenty-fifth Legislature of the State of Hawaii, Regular Session of 2009, the House of Representatives concurring, that the Auditor is requested to perform a review setting forth the probable effects of the registration and regulation of real estate appraisal management companies and assess whether the enactment of the regulatory measure contained in section 1 of S.B. No. 1606 is consistent with the policies set forth in section 26H-2, Hawaii Revised Statutes; and
BE IT FURTHER RESOLVED that the Auditor is requested to report findings and recommendations, including an assessment of alternate regulatory enforcement frameworks to the one contained in section 1 of S.B. No. 1606, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2010; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Auditor and the Director of Commerce and Consumer Affairs.
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OFFERED BY: |
_____________________________ |
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Auditor; Sunrise Review; Real Estate Appraisal Management Companies.