IN THE SENATE OF THE UNITED STATES
October 5, 2018
Mr. Risch introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
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.
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 accordingly;
in the matter preceding clause (i), as so redesignated, by striking
With respect to and inserting the following:
With respect to
in subparagraph (A), as so redesignated—
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
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
by adding at the end the following:
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.