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. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Text: H.R.6191 — 111th Congress (2009-2010)All Bill Information (Except Text)
Referred in Senate (09/29/2010)
Received; read twice and referred to the Committee on Small Business and Entrepreneurship
To amend the Small Business Jobs Act of 2010 to include certain construction and land development loans in the definition of small business lending.
Section 4102(18)(A) of the Small Business Jobs Act of 2010 is amended by adding at the end the following new clause:
“(aa) that are made to finance—
“(AA) land development that is preparatory to erecting new structures, including improving land, laying sewers, and laying water pipes; or
“(BB) the on-site construction of industrial, commercial, residential, or farm buildings;
“(bb) that is vacant land, except land known to be used or usable for agricultural purposes, such as crop and livestock production;
“(cc) the proceeds of which are to be used to acquire and improve developed or undeveloped property; or
“(dd) that are made under title I or title X of the National Housing Act.
“(II) CONSTRUCTION INDUSTRY REQUIREMENT.—Subclause (I) shall only apply to loans that are extended to small business concerns in the construction industry, as such term is defined by the Secretary in consultation with the Administrator of the Small Business Administration.
“(III) CONSTRUCTION DEFINED.—For purposes of this clause, the term ‘construction’ includes the construction of new structures, additions or alterations to existing structures, and the demolition of existing structures to make way for new structures.”.
This Act, and the amendments made by this Act, shall take effect on the later of the following:
(1) The date of the enactment of this Act.
(2) The date of the enactment of the Small Business Jobs Act of 2010.
Passed the House of Representatives September 28, 2010.
|Attest:||lorraine c. miller,|