Section 1 Short title
This Act may be cited as the “7(a) Real Estate Appraisal Harmonization Act”.
7(a) Real Estate Appraisal Harmonization Act
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.
Sec. 2 Appraisal thresholds
Section 7(a)(29) of the Small Business Act (15 U.S.C. 636(a)(29)) is amended—
by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and adjusting the margins accordingly;
in the matter preceding clause (i), as so redesignated, by striking “With respect to” and inserting the following:
“(A) In general—With respect to”
in subparagraph (A), as so redesignated—
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
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
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.”