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
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.
This Act may be cited as the
7(a) Real Estate Appraisal Harmonization Act.
Section 7(a)(29) of the Small Business Act (15 U.S.C. 636(a)(29)) is amended—
by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and adjusting the margins of such clauses accordingly;
With respect to and inserting the following:
With respect to
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;
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
by adding at the end the following:
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.