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H.R. 6347 (115th): 7(a) Real Estate Appraisal Harmonization Act

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The text of the bill below is as of Dec 21, 2018 (Passed Congress).

Summary of this bill

Source: Republican Policy Committee

H.R. 6347 adjusts the Small Business Administration’s (SBA) 7(a) Loan Program’s commercial real estate appraisal threshold to match the level set by federal banking regulators.

As a way to bridge the lending gaps that exist in the marketplace for the nation's smallest firms, the SBA administers the 7(a) Loan Program, where creditworthy small businesses that cannot obtain traditional lending have the opportunity to apply for a government guaranteed loan. The program does not provide direct loans to participating small businesses; rather, SBA guarantees the repayment of loans made by participating financial lenders. The maximum loan a small business can acquire is $5 million and ...

IB

One Hundred Fifteenth Congress of the United States of America

At the Second Session

Begun and held at the City of Washington on Wednesday, the third day of January, two thousand and eighteen

H. R. 6347

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.

1.

Short title

This Act may be cited as the 7(a) Real Estate Appraisal Harmonization Act.

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.