7(a) Real Estate Appraisal Harmonization Act

Bill: 115-hr-6347
Sponsor: full_name: Rep. Evans, Dwight [D-PA-2]
Introduced: 2018-07-12
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Government lending and loan guarantees

Real estate business

Small business
Latest action: action_date: 2018-12-21
text: Became Public Law No: 115-370.

Summaries:
action_date: 2018-07-12
action_desc: Introduced in House
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: 2018-09-12
action_desc: Reported to House 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>

action_date: 2018-09-25
action_desc: Passed House without amendment
text: <p><b>7(a) Real Estate Appraisal Harmonization Act </b></p> <p>(Sec. 2) 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: 2018-12-21
action_desc: Public Law
text: <p><b>7(a) Real Estate Appraisal Harmonization Act </b></p> <p>(Sec. 2) 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: I 115th CONGRESS 2d Session H. R. 6347 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.

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 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. .

tv_txt: IB 115th CONGRESS 2d Session H. R. 6347 IN THE HOUSE OF REPRESENTATIVES 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.

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 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. .

Passed the House of Representatives September 25, 2018. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 2d Session H. R. 6347 IN THE SENATE OF THE UNITED STATES September 26, 2018 Received; read twice and referred to the Committee on Small Business and Entrepreneurship 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.

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 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. .

Passed the House of Representatives September 25, 2018. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 731 115th CONGRESS 2d Session H. R. 6347 [Report No. 115–940] 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 September 12, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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.

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 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. .

September 12, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IB One Hundred Fifteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Wednesday, the third day of January, two thousand and eighteen H. R. 6347 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.

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 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. .

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.