7(a) Real Estate Appraisal Harmonization Act

Bill: 115-s-3552
Sponsor: full_name: Sen. Risch, James E. [R-ID]
Introduced: 2018-10-05
Policy area: Finance and Financial Sector
Latest action: action_date: 2018-12-19
text: By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-437.

Summaries:
action_date: 2018-10-05
action_desc: Introduced in Senate
text: <p><b>7(a) Real Estate Appraisal Harmonization Act </b></p> <p>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.)</p>

action_date: 2018-10-11
action_desc: Reported to Senate without amendment
text: <p><b>7(a) Real Estate Appraisal Harmonization Act </b></p> <p>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.)</p>

tv_txt: II 115th CONGRESS 2d Session S. 3552 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 7(a) 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.

1. Short title This Act may be cited as the 7(a) Real Estate Appraisal Harmonization Act . 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 accordingly; (2) in the matter preceding clause (i), as so redesignated, by striking With respect to and inserting the following: (A) In general With respect to ; (3) in subparagraph (A), as so redesignated— (A) in clause (i), by striking for more than $250,000 and inserting that is in an amount that is greater than the Federal banking regulator appraisal threshold ; and (B) in clause (ii), by striking for $250,000 or less and inserting that is in an amount that is not more than the Federal banking regulator appraisal threshold ; and (4) by adding at the end the following: (B) Federal banking regulator appraisal threshold defined In 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. .

tv_txt: II Calendar No. 632 115th CONGRESS 2d Session S. 3552 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 October 11, 2018 Reported by Mr. Risch , without amendment A BILL To amend the Small Business Act to adjust the real estate appraisal thresholds under the 7(a) 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.

1. Short title This Act may be cited as the 7(a) Real Estate Appraisal Harmonization Act . 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 accordingly; (2) in the matter preceding clause (i), as so redesignated, by striking With respect to and inserting the following: (A) In general With respect to ; (3) in subparagraph (A), as so redesignated— (A) in clause (i), by striking for more than $250,000 and inserting that is in an amount that is greater than the Federal banking regulator appraisal threshold ; and (B) in clause (ii), by striking for $250,000 or less and inserting that is in an amount that is not more than the Federal banking regulator appraisal threshold ; and (4) by adding at the end the following: (B) Federal banking regulator appraisal threshold defined In 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. .

October 11, 2018 Reported without amendment