[115th Congress Public Law 371]
[From the U.S. Government Publishing Office]



[[Page 132 STAT. 5106]]

Public Law 115-371
115th Congress

                                 An Act


 
  To adjust the real estate appraisal thresholds under the section 504 
program to bring them into line with the thresholds used by the Federal 
      banking regulators, and for other purposes. <<NOTE: Dec. 21, 
                         2018 -  [H.R. 6348]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Small Business 
Access to Capital and Efficiency Act. 15 USC 661 note.>> 
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Access to Capital and 
Efficiency Act'' or the ``Small Business ACE Act''.
SEC. 2. APPRAISAL THRESHOLDS.

    Section 502(3)(E)(ii) of the Small Business Investment Act of 1958 
(15 U.S.C. 696(3)(E)(ii)) is amended--
            (1) by redesignating subclauses (I) and (II) as items (aa) 
        and (bb), respectively, and adjusting the margins of such items 
        accordingly;
            (2) by striking ``With respect to'' and inserting the 
        following:
                                    ``(I) In general.--With respect 
                                to'';
            (3) in item (aa), as so redesignated, by striking ``is more 
        than $250,000'' and inserting ``is more than the Federal banking 
        regulator appraisal threshold'';
            (4) in item (bb), as so redesignated, by striking ``is 
        $250,000 or less'' and inserting ``is equal to or less than the 
        Federal banking regulator appraisal threshold''; and
            (5) by adding at the end the following:
                                    ``(II) Federal banking regulator 
                                appraisal threshold defined.--For 
                                purposes of this clause, 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.''.

    Approved December 21, 2018.

LEGISLATIVE HISTORY--H.R. 6348 (S. 3553):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 115-941 (Comm. on Small Business).
SENATE REPORTS: No. 115-438 (Comm. on Small Business and 
Entrepreneurship) accompanying S. 3553.
CONGRESSIONAL RECORD, Vol. 164 (2018):
            Sept. 25, considered and passed House.
            Dec. 19, considered and passed Senate.

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