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S. 3553 (115th): Small Business ACE Act


The text of the bill below is as of Oct 11, 2018 (Reported by Senate Committee).


II

Calendar No. 634

115th CONGRESS

2d Session

S. 3553

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

October 11, 2018

Reported by , without amendment and with an amendment to the title

A BILL

To amend the Small Business Act to adjust the real estate appraisal thresholds under the section 504 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 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 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 not more than the Federal banking regulator appraisal threshold; and

(5)

by adding at the end the following:

(II)

Federal banking regulator appraisal threshold defined

In 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.

.

Amend the title so as to read: A bill to amend the Small Business Investment Act of 1958 to adjust the real estate appraisal thresholds under the section 504 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..

October 11, 2018

Reported without amendment and with an amendment to the title