- Not enactedThe President has not signed this bill
- The senate has not voted
Committee on Small Business and Entrepreneurship
- senate Committees
- The house Passed September 28th, 2010Passed by Voice Vote
Committee on Financial ServicesIntroducedSeptember 23rd, 2010
- house Committees
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To amend the Small Business Jobs Act of 2010 to include certain construction and land development loans in the definition of small business lending.
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.