Title: 7(a) Real Estate Appraisal Harmonization Act
Policy area: Finance and Financial Sector

Summary:
7(a) Real Estate Appraisal Harmonization Act
This bill amends the Small Business Act to revise the loan amount above which a real estate appraisal is required for a commercial real property securing a small business 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. 6347 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6347

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 12, 2018

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

_______________________________________________________________________

                                 A BILL


 
 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.''.
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