Text: H.R.6191 — 111th Congress (2009-2010)

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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.