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H.R. 2266 (114th): CREED Act of 2015


The text of the bill below is as of May 12, 2015 (Introduced). The bill was not enacted into law.


I

114th CONGRESS

1st Session

H. R. 2266

IN THE HOUSE OF REPRESENTATIVES

May 12, 2015

(for herself, Ms. Hahn, Ms. Meng, Mr. Payne, Ms. Clarke of New York, Ms. Adams, Mr. Takai, Mrs. Lawrence, Mr. Moulton, Mr. Bera, and Ms. Tsongas) introduced the following bill; which was referred to the Committee on Small Business

A BILL

To extend the low-interest refinancing provisions under the Local Development Business Loan Program of the Small Business Administration, and for other purposes.

1.

Short title

This Act may be cited as the Commercial Real Estate and Economic Development Act of 2015 or the CREED Act of 2015.

2.

Restoration of low-interest refinancing under the local development business loan program

(a)

Repeal and restoration

Subsection (b) of section 1122 of the Small Business Jobs Act of 2010 (15 U.S.C. 696 note) is repealed, and the provision of law struck by such subsection, and any regulations promulgated pursuant to such sections, as were in effect on September 26, 2012, are restored and revived.

(b)

Effective date

Effective 5 years after the date of enactment of this Act, section 502(7) of the Small Business Investment Act of 1958 (15 U.S.C. 696(7)) is amended by striking subparagraph (C).

3.

Rule of construction

The amendments made by section 2 may not be construed as an authorization of appropriations for the purpose of carrying out such amendments or the loan program established under section 502 of the Small Business Investment Act of 1958 (15 U.S.C. 696).