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S. 3553 - Small Business Access to Capital and Efficiency Act

Introduced: 2018-10-05
Bill Status: Placed on Senate Legislative Calendar under General Orders. Calendar No. 634.
 

Small Business Access to Capital and Efficiency Act or the Small Business ACE Act

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.)

Full Text


115th CONGRESS
2d Session
S. 3553


    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.


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.

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 “Small Business Access to Capital and Efficiency Act” or the “Small Business ACE Act”.

SEC. 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.”.


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