115 HR 6347 ENR: To 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.
House Bill6347115 HR 6347 ENR
115hr6347enr
115 H.R. 6347 ENR
United States House of RepresentativesUnited States Government Publishing Officetext/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.ENR
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H. R.6347
One Hundred Fifteenth Congress of the United States of AmericaA T T H E S E C O N D S E S S I O N
Begun and held at the City of Washington on Wednesday, the third day of January, two thousand and eighteen
An Act
To 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. This Act may be cited as the “7(a) Real Estate Appraisal Harmonization Act”.
SEC. 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.”.
Speaker of the House of Representatives.
Vice President of the United States and President of the Senate.