Why Should I Vote On BetterDistricts?

Polling is a powerful tool to help our elected officials determine how they should vote.

Standard polling methods don't give you the control that you deserve. With BetterDistricts you can show your representative exactly how strongly a bill is supported in your community.

Send a clear signal on how you want your government to work.

 

S. 3552 - 7(a) Real Estate Appraisal Harmonization Act

Introduced: 2018-10-05
Bill Status: Placed on Senate Legislative Calendar under General Orders. Calendar No. 632.
 

7(a) Real Estate Appraisal Harmonization Act

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.)

Full Text


115th CONGRESS
2d Session
S. 3552


    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.


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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “7(a) Real Estate Appraisal Harmonization Act”.

SEC. 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.”.


Relevant News Stories And Blog Posts

Title Worth Reading

Vote on S. 3552

 

Activity in last 30 days