[United States Statutes at Large, Volume 132, 115th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]


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. <>

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.''.

Approved December 21, 2018.

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