Page:United States Statutes at Large Volume 114 Part 5.djvu/723

 PUBLIC LAW 106-554—APPENDIX I 114 STAT. 2763A-683 "(B) RETENTION OF CERTAIN FEES.—Lenders participating in the programs established under this subsection may retain not more than 25 percent of a fee collected under subparagraph (A)(i).". SEC. 207. LEASE TERMS. Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is further amended by adding at the end the following: "(28) LEASING.— In addition to such other lease arrangements as may be authorized by the Administration, a borrower may permanently lease to one or more tenants not more than 20 percent of any property constructed with the proceeds of a loan guaranteed xmder this subsection, if the borrower permanently occupies and uses not less than 60 percent of the total business space in the property.". SEC. 208. APPRAISALS FOR LOANS SECURED BY REAL PROPERTY. (a) SMALL BUSINESS ACT. — Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following: "(29) REAL ESTATE APPRAISALS. — With respect to a loan under this subsection that is secured by commercial real property, an appraisal of such property by a State licensed or certified appraiser— "(A) shall be required by the Administration in connection with any such loan for more than $250,000; or "(B) may be required by the Administration or the lender in connection with any such loan for $250,000 or less, if such appraisal is necessary for appropriate evaluation of creditworthiness.". (b) SMALL BUSINESS INVESTMENT ACT OF 1958. —Section 502(3)(E) of the Small Business Investment Act of 1958 (15 U.S.C. 696(3)(E)) is amended— (1) by striking "The collateral" and inserting the following: "(i) IN GENERAL. —The collateral"; and (2) by adding at the end the following: "(ii) APPRAISALS. —With respect to commercial real property provided by the small business concern as collateral, an appraisal of the property by a State licensed or certified appraiser— "(I) shall be required by the Administration before disbursement of the loan if the estimated value of that property is more than $250,000; or "(II) may be required by the Administration or the lender before disbursement of the loan if the estimated value of that property is $250,000 or less, and such appraisal is necessary for appropriate evaluation of creditworthiness.". SEC. 209. SALE OF GUARANTEED LOANS MADE FOR EXPORT PUR- POSES. Section 5(f)(1)(C) of the Small Business Act (15 U.S.C. 634(f)(1)(C)) is amended to read as follows: "(C) each loan, except each loan made under section 7(a)(14), shall have been fully disbursed to the borrower prior to any sale.".

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