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H.R. 6348 (115th): Small Business ACE Act

The text of the bill below is as of Jul 12, 2018 (Introduced).


I

115th CONGRESS

2d Session

H. R. 6348

IN THE HOUSE OF REPRESENTATIVES

July 12, 2018

(for himself and Mr. Evans) introduced the following bill; which was referred to the Committee on Small Business

A BILL

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.

1.

Short title

This Act may be cited as the Small Business Access to Capital and Efficiency Act or the Small Business ACE Act.

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.

.