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

    Public Law 115-370
    115th Congress

    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.''.

    Approved December 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):
    Sept. 25, considered and passed House.
    Dec. 19, considered and passed Senate.