(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.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6191 Introduced in House (IH)]
111th CONGRESS
2d Session
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 23, 2010
Mr. Miller of North Carolina (for himself, Mr. Price of North Carolina,
Mr. Kissell, Mr. Baca, Ms. Titus, and Mr. Connolly of Virginia)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
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.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Mr. Miller (NC) moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H7081-7082)
DEBATE - The House proceeded with forty minutes of debate on H.R. 6191.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H7081)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7081)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
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