Veterans Member Business Loan Act

119 S110 IS: Veterans Member Business Loan Act U.S. Senate 2025-01-16 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 110 IN THE SENATE OF THE UNITED STATES January 16, 2025 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 at the end 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 at the end 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 on the date that is 180 days after the date of enactment of this Act.