H.R.6191 - To amend the Small Business Jobs Act of 2010 to include certain construction and land development loans in the definition of small business lending.111th Congress (2009-2010)
|Sponsor:||Rep. Miller, Brad [D-NC-13] (Introduced 09/23/2010)|
|Committees:||House - Financial Services | Senate - Small Business and Entrepreneurship|
|Latest Action:||09/29/2010 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.|
This bill has the status Passed House
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Summary: H.R.6191 — 111th Congress (2009-2010)All Bill Information (Except Text)
Passed House without amendment (09/28/2010)
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Amends the Small Business Jobs Act of 2010 to include in the definition of small business lending under such Act loans secured by real estate: (1) that are made to finance land development that is preparatory to erecting new structures, including improving land, laying sewers, and laying water pipes, or the on-site construction of industrial, commercial, residential, or farm buildings; (2) that is vacant land, except land known to be used or usable for agricultural purposes; (3) the proceeds of which are to be used to acquire and improve developed or undeveloped property; or (4) that are made under title I or title X of the National Housing Act.
Makes such inclusion applicable only to loans extended to small businesses in the construction industry.