CREED Act of 2015

Bill: 114-hr-2266
Sponsor: full_name: Rep. Chu, Judy [D-CA-27]
Introduced: 2015-05-12
Policy area: Commerce
Subjects: Government lending and loan guarantees

Small business
Latest action: action_date: 2015-05-12
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2015-05-12
action_desc: Introduced in House
text: <p><b>Commercial Real Estate and Economic Development Act of 2015 or the CREED Act of 2015</b></p> <p> Reinstates for a five-year period beginning after enactment of this Act the authority for Small Business Administration (SBA) low-interest refinancing of small business debt not involving business expansion under the SBA's local development business loan program.</p> <p>Repeals a provision of the Small Business Jobs Act of 2010 that terminated such authority as of September 26, 2012. Restores and revives any provision of law struck by the provision, and any regulations promulgated pursuant to it as they were in effect on that date.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 2266 IN THE HOUSE OF REPRESENTATIVES May 12, 2015 Ms. Judy Chu of California (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Repeal and restoration Subsection (b) of section 1122 of the Small Business Jobs Act of 2010 ( 15 U.S.C. 696 note) is repealed, and the provision of law struck by such subsection, and any regulations promulgated pursuant to such sections, as were in effect on September 26, 2012, are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 ).