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]
[H.R. 6348 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6348

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 12, 2018

 Mr. Curtis (for himself and Mr. Evans) introduced the following bill; 
         which was referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
 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.

    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 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.''.
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