    [United States Statutes at Large, Volume 132, 115th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    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. <>

    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 ``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.