Public Law 115-370 | Public Law 115–370: 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.

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PUBLIC LAW 115–370—DEC. 21, 2018

132 STAT. 5105

Public Law

115–370

115th Congress

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.

Dec. 21, 2018

[H.R. 6347]

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

7(a) Real Estate Appraisal Harmonization Act.

15 USC 631 note.

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)

redesignating

subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and adjusting the margins of such clauses accordingly;

(2)

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)

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.”

Approved December 21, 2018.

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

HOUSE REPORTS: ┐No. 115–940 (Comm. on Small Business).

SENATE REPORTS: ┐No. 115–437 (Comm. on Small Business and Entrepreneurship) accompanying S. 3552.

CONGRESSIONAL RECORD, Vol. 164 (2018):

Sept. 25, considered and passed House.

Dec. 19, considered and passed Senate.

○

Public Law 115–370: 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.

SHORT TITLE.

APPRAISAL THRESHOLDS.

In general.—

Federal banking regulator appraisal threshold defined.—

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

CONGRESSIONAL RECORD, Vol. 164 (2018):

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