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Small Business Access to Capital and Efficiency Act or the Small Business ACE Act
(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.)
Received; read twice and referred to the Committee on Small Business and Entrepreneurship
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Small Business Access to Capital and Efficiency Act” or the “Small Business ACE Act”.
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.
|Attest:||karen l. haas,|