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House Bill 6347
115th Congress(2017-2018)
7(a) Real Estate Appraisal Harmonization Act
Became Law
Became Law
Became Public Law 115-370 on Dec 21, 2018
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H. R. 6347 (Referred-in-Senate)


115th CONGRESS
2d Session
H. R. 6347

IN THE SENATE OF THE UNITED STATES

September 26, 2018

Received; read twice and referred to the Committee on Small Business and Entrepreneurship

AN ACT

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “7(a) Real Estate Appraisal Harmonization Act”.

SEC. 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 of such clauses accordingly;

(2) by striking “With respect to” and inserting the following:

    “(A) IN GENERAL.—With respect to”;

(3) 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”;

(4) 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

(5) by adding at the end the following:

    “(B) 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.”.

Passed the House of Representatives September 25, 2018.

    Attest:karen l. haas,   
    Clerk.