Title: Small Business ACE Act
Policy area: Finance and Financial Sector

Summary:
Small Business Access to Capital and Efficiency Act or the Small Business ACE Act
This bill amends the Small Business Investment Act of 1958 to revise the loan amount above which a real estate appraisal is required for the commercial real property securing a Certified Development Company loan. Specifically, the bill ties the amount to the federal banking regulator appraisal threshold. (Currently, an appraisal is required for a loan of more than $250,000.)

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3553 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 3553

  To amend the Small Business Act to adjust the real estate appraisal 
    thresholds under the section 504 program of the Small Business 
Administration to bring those thresholds into line with the thresholds 
    used by the Federal banking regulators, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 5, 2018

   Mr. Risch introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
  To amend the Small Business Act to adjust the real estate appraisal 
    thresholds under the section 504 program of the Small Business 
Administration to bring those thresholds 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 ``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 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 not more than the Federal 
        banking regulator appraisal threshold''; and
            (5) by adding at the end the following:
                                    ``(II) Federal banking regulator 
                                appraisal threshold defined.--In 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.''.
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