Text: H.R.6347 — 115th Congress (2017-2018)All Information (Except Text)

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Public Law No: 115-370 (12/21/2018)

 
[115th Congress Public Law 370]
[From the U.S. Government Publishing Office]



[[Page 132 STAT. 5105]]

Public Law 115-370
115th Congress

                                 An Act


 
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. <<NOTE: Dec. 21, 2018 -  [H.R. 
                                6347]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: 7(a) Real Estate 
Appraisal Harmonization Act. 15 USC 631 note.>> 
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 of such 
        clauses accordingly;
            (2) by striking ``With respect to'' and inserting the 
        following:
                    ``(A) In general.--With respect to'';
            (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.''.

    Approved December 21, 2018.

LEGISLATIVE HISTORY--H.R. 6347 (S. 3552):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 115-940 (Comm. on Small Business).
SENATE REPORTS: No. 115-437 (Comm. on Small Business and 
Entrepreneurship) accompanying S. 3552.
CONGRESSIONAL RECORD, Vol. 164 (2018):
            Sept. 25, considered and passed House.
            Dec. 19, considered and passed Senate.

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