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)
Text: H.R.6191 — 111th Congress (2009-2010)
Referred in Senate (09/29/2010)
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[Congressional Bills 111th Congress] [From the U.S. Government Printing Office] [H.R. 6191 Referred in Senate (RFS)] 111th CONGRESS 2d Session H. R. 6191 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 29, 2010 Received; read twice and referred to the Committee on Small Business and Entrepreneurship _______________________________________________________________________ AN ACT To amend the Small Business Jobs Act of 2010 to include certain construction and land development loans in the definition of small business lending. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. AMENDMENT. Section 4102(18)(A) of the Small Business Jobs Act of 2010 is amended by adding at the end the following new clause: ``(v) Construction, land development, and other land loans.-- ``(I) In general.--Loans secured by real estate-- ``(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.''. SEC. 2. EFFECTIVE DATE. 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, Clerk.