Explanation of H. R. 6347
This bill, called the '7(a) Real Estate Appraisal Harmonization Act', aims to adjust the thresholds for real estate appraisals under the 7(a) program to match those used by Federal banking regulators. Essentially, this means that the bill would change the rules regarding when real estate appraisals are required for certain loans under the Small Business Act. The thresholds would be aligned with those set by the Federal Reserve, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation for commercial real estate transactions.