Public Law 115–371: To adjust the real estate appraisal thresholds under the section 504 program to bring them into line with the thresholds used by the Federal banking regulators, and for other purposes.

public-law-115-371Public Law 115-371Statute

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PUBLIC LAW 115–371—DEC. 21, 2018
132 STAT. 5106
Public Law
115–371
115th Congress
An Act
To adjust the real estate appraisal thresholds under the section 504 program to bring them into line with the thresholds used by the Federal banking regulators, and for other purposes.

Dec. 21, 2018

[H.R. 6348]

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

Small Business Access to Capital and Efficiency Act.

15 USC 661 note.
SECTION 1.

SHORT TITLE.

  This Act may be cited as the “
Small Business Access to Capital and Efficiency Act
” or the “
Small Business ACE Act
”.
SEC. 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 of such items 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 equal to or less than the Federal banking regulator appraisal threshold”; and
(5)
by
adding
at the end the following:
“(II)

Federal banking regulator appraisal threshold defined.—

For purposes of 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.”
.
Approved December 21, 2018.

LEGISLATIVE HISTORY—H.R. 6348 (S. 3553):

HOUSE REPORTS: ┐No. 115–941 (Comm. on Small Business).
SENATE REPORTS: ┐No. 115–438 (Comm. on Small Business and Entrepreneurship) accompanying S. 3553.

CONGRESSIONAL RECORD, Vol. 164 (2018):

Sept. 25, considered and passed House.

Dec. 19, considered and passed Senate.

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