115 HR 6347 IH: 7(a) Real Estate Appraisal Harmonization Act U.S. House of Representatives 2018-07-12 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I115th CONGRESS2d SessionH. R. 6347IN THE HOUSE OF REPRESENTATIVESJuly 12, 2018Mr. Evans (for himself and Mr. Curtis) introduced the following bill; which was referred to the Committee on Small BusinessA BILLTo adjust the real estate appraisal thresholds under the 7(a) program to bring them into line with the thresholds used by the Federal banking regulators, and for other purposes.

1.

Short title

This Act may be cited as the 7(a) Real Estate Appraisal Harmonization Act.

2.

Appraisal thresholds

Section 7(a)(29) of the Small Business Act (15 U.S.C. 636(a)(29)) is amended— (1)by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and adjusting the margins of such clauses accordingly; (2)by striking With respect to and inserting the following: (A)

In general

With respect to; (3)in clause (i), as so redesignated, by striking for more than $250,000 and inserting , if such loan is in an amount greater than the Federal banking regulator appraisal threshold; (4)in clause (ii), as so redesignated, by striking for $250,000 or less and inserting , if such loan is in an amount equal to or less than the Federal banking regulator appraisal threshold; and (5)by adding at the end the following: (B)

Federal banking regulator appraisal threshold defined

For purposes of this paragraph, the term Federal banking regulator appraisal threshold means the lesser of the threshold amounts set by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation for when a federally related transaction that is a commercial real estate transaction requires an appraisal prepared by a State licensed or certified appraiser..