Pub. L. 115-370 - 7(a) Real Estate Appraisal Harmonization Act

115th Congress

Affects: 15 U.S.C. §§ 636

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:

(2)“(A) With respect to”

(2) ;

(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:

(5)“(B) 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.”

(5) .

Legislative History

LEGISLATIVE HISTORY—H.R. 6347 (S. 3552):

CONGRESSIONAL RECORD, Vol. 164 (2018):

Sept. 25, considered and passed House.

Dec. 19, considered and passed Senate.