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S. 3552 (115th): 7(a) Real Estate Appraisal Harmonization Act

The text of the bill below is as of Oct 5, 2018 (Introduced).


II

115th CONGRESS

2d Session

S. 3552

IN THE SENATE OF THE UNITED STATES

October 5, 2018

introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To amend the Small Business Act to adjust the real estate appraisal thresholds under the 7(a) program of the Small Business Administration to bring those thresholds 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 accordingly;

(2)

in the matter preceding clause (i), as so redesignated, by striking With respect to and inserting the following:

(A)

In general

With respect to

;

(3)

in subparagraph (A), as so redesignated—

(A)

in clause (i), by striking for more than $250,000 and inserting that is in an amount that is greater than the Federal banking regulator appraisal threshold; and

(B)

in clause (ii), by striking for $250,000 or less and inserting that is in an amount that is not more than the Federal banking regulator appraisal threshold; and

(4)

by adding at the end the following:

(B)

Federal banking regulator appraisal threshold defined

In 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.

.