Veterans Member Business Loan Act

Bill: 117-s-3813
Sponsor: full_name: Sen. Sullivan, Dan [R-AK]
Introduced: 2022-03-10
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-03-10
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-03-10
action_desc: Introduced in Senate
text: <p><b>Veterans Member Business Loan Act</b></p> <p>This bill excludes from credit union aggregate loan limitations member business loans made to veterans. </p>

tv_txt: II 117th CONGRESS 2d Session S. 3813 IN THE SENATE OF THE UNITED STATES March 10 (legislative day, March 7), 2022 Mr. Sullivan (for himself and Ms. Hirono ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the definition of a member business loan.

1. Short title This Act may be cited as the Veterans Member Business Loan Act . 2. Member business loan definition (a) In general Section 107A(c) of the Federal Credit Union Act ( 12 U.S.C. 1757a(c) ) is amended— (1) in paragraph (1)(B)— (A) in clause (iv), by striking or at the end; (B) in clause (v), by striking the period and inserting ; or ; and (C) by adding at the end the following: (vi) made to a veteran; ; (2) in paragraph (2)(B)(ii), by striking and at the end; (3) in paragraph (3), by striking the period and inserting ; and ; and (4) by adding at the end the following: (4) the term veteran has the meaning given the term in section 101 of title 38, United States Code. . (b) Effective date The amendments made by subsection (a) shall take effect 180 days after the date of enactment of this Act.