43 CFR § 47.45 - How does the exchange process work?
(a) The Secretary recommends the parties prepare a land exchange proposal in accordance with § 47.50. The Secretary also recommends the Chairman and the non-Chairman party in the exchange meet with the Secretary before finalizing a land exchange proposal and signing an agreement to initiate the land exchange to informally discuss:
(1) The review and processing procedures for Hawaiian home lands exchanges;
(2) Potential issues involved that may require more consideration; or
(3) Any other matter that may make the proposal more complete before submission.
(b) Whether or not a land exchange proposal is completed, the Chairman initiates the exchange by preparing the documentation, conducting appropriate studies, and submitting them to the Secretary in accordance with § 47.60.
(c) Upon completing the review of the final land exchange packet under § 47.60, the Secretary will issue a Notice of Decision announcing the approval or disapproval of the exchange.
(d) If the Secretary approves an exchange, title will transfer in accordance with State law.