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”.
Small Business Access to Capital and Efficiency Act
AN ACT
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.
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—
by redesignating subclauses (I) and (II) as items (aa) and (bb), respectively, and adjusting the margins of such items accordingly;
by striking “With respect to” and inserting the following:
“(I) In general—With respect to”
in item (aa), as so redesignated, by striking “is more than $250,000” and inserting “is more than the Federal banking regulator appraisal threshold”;
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
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.”