Small Business ACE Act

Bill: 115-hr-6348
Sponsor: full_name: Rep. Curtis, John R. [R-UT-3]
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: 115-371.

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

action_date: 2018-09-25
action_desc: Passed House without amendment
text: <p><b>Small Business Access to Capital and Efficiency Act or the Small Business ACE Act </b></p> <p>(Sec. 2) 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: 2018-12-21
action_desc: Public Law
text: <p><b>Small Business Access to Capital and Efficiency Act or the Small Business ACE Act </b></p> <p>(Sec. 2) 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: I 115th CONGRESS 2d Session H. R. 6348 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.

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 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. .

tv_txt: IIB 115th CONGRESS 2d Session H. R. 6348 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 section 504 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 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 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. .

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

tv_txt: IB 115th CONGRESS 2d Session H. R. 6348 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

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 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. .

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

tv_txt: IB Union Calendar No. 732 115th CONGRESS 2d Session H. R. 6348 [Report No. 115–941] 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 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 section 504 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 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 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. .

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. 6348 AN ACT 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.

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 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. .

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