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Hawaii law pushes transparency for appraisers acting as arbitrators
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Finding what they called a “lack of openness and transparency” in Hawaii’s oversight of appraisers acting as arbitrators, lawmakers in the Aloha State have enacted legislation requiring arbitration awards, records of awards and related supporting materials to be public records. House Bill 1830 became law without the governor’s signature April 30, and the new law takes effect July 1.
According to materials filed with the state legislature, existing state law requires appraisers acting as arbitrators to fully report the basis for an award and to certify compliance with the nationally accepted Uniform Standards of Professional Appraisal Practice when valuing properties and determining market value or market rent. Compliance with these standards ensures adherence to professional standards that protect the parties to an arbitration and Hawaii consumers. But HB 1830’s sponsors pointed out that while Hawaii has relatively few commercial appraisers who specialize in these matters, these individuals or firms are the exclusive determiners of the market value or market rents of leasehold property in Hawaii. This results in members of the same profession gathering and selecting market data, presenting that data to arbitration panels as expert witnesses and then deciding the matter as appointed arbitrators, they argued.
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