H.R.6347 - 7(a) Real Estate Appraisal Harmonization Act115th Congress (2017-2018) |
|Sponsor:||Rep. Evans, Dwight [D-PA-2] (Introduced 07/12/2018)|
|Committees:||House - Small Business | Senate - Small Business and Entrepreneurship|
|Committee Reports:||H. Rept. 115-940|
|Latest Action:||Senate - 09/26/2018 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Text: H.R.6347 — 115th Congress (2017-2018)All Information (Except Text)
Text available as:
Referred in Senate (09/26/2018)
Received; read twice and referred to the Committee on Small Business and Entrepreneurship
To adjust the real estate appraisal thresholds under the 7(a) program to bring them into line with the thresholds used by the Federal banking regulators, and for other purposes.
This Act may be cited as the “7(a) Real Estate Appraisal Harmonization Act”.
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 of such clauses accordingly;
(2) by striking “With respect to” and inserting the following:
(3) in clause (i), as so redesignated, by striking “for more than $250,000” and inserting “, if such loan is in an amount greater than the Federal banking regulator appraisal threshold”;
(4) in clause (ii), as so redesignated, by striking “for $250,000 or less” and inserting “, if such loan is in an amount equal to or less than the Federal banking regulator appraisal threshold”; and
(5) by adding at the end the following:
“(B) FEDERAL BANKING REGULATOR APPRAISAL THRESHOLD DEFINED.—For purposes of 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.”.
Passed the House of Representatives September 25, 2018.
|Attest:||karen l. haas,|