H.R. 6347 — Referred from Senate

IIB 115th CONGRESS 2d Session H. R. 6347 IN THE SENATE OF THE UNITED STATES September 26, 2018Received; 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. 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 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.Karen L. Haas,Clerk.