Public Law 115–370: 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.Public Law370Public Law 115–370132 Stat. 51052018-12-212018-12-21United States Government Publishing OfficeNational Archives and Records AdministrationOffice of the Federal Registertext/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.GPO Locator to USLM Converter 4.15.31;Stage2.202507022026-01-02115publicPUBLIC LAW 115–370—DEC. 21, 2018132 STAT. 5105Public Law115–370115th CongressAn ActTo 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.
Dec. 21, 2018
[H.R. 6347]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
7(a) Real Estate Appraisal Harmonization Act.
15 USC 631 note.
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.”.ApprovedDecember 21, 2018.LEGISLATIVE HISTORY—H.R. 6347 (S. 3552):HOUSE REPORTS: ┐No. 115–940 (Comm. on Small Business).
SENATE REPORTS: ┐No. 115–437 (Comm. on Small Business and Entrepreneurship) accompanying S. 3552.
CONGRESSIONAL RECORD, Vol. 164 (2018):