Small Business ACE Act

Bill: 115-s-3553
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. 115-438.

Summaries:
action_date: 2018-10-05
action_desc: Introduced in Senate
text: <p><b>Small Business Access to Capital and Efficiency Act or the Small Business ACE Act </b></p> <p>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.) </p>

action_date: 2018-10-11
action_desc: Reported to Senate without amendment
text: <p><b>Small Business Access to Capital and Efficiency Act or the Small Business ACE Act </b></p> <p>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.) </p>

tv_txt: II 115th CONGRESS 2d Session S. 3553 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.

1. Short title This Act may be cited as the Small Business Access to Capital and Efficiency Act or the Small Business ACE Act . 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. .

tv_txt: II Calendar No. 634 115th CONGRESS 2d Session S. 3553 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 and with an amendment to the title 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.

1. Short title This Act may be cited as the Small Business Access to Capital and Efficiency Act or the Small Business ACE Act . 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. .

Amend the title so as to read: A bill to amend the Small Business Investment Act of 1958 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. .

October 11, 2018 Reported without amendment and with an amendment to the title