Back to H.R. 5763
Main Street Parity Act in plain language
AI plain language2 sections
Written by AI from the complete official bill text and independently fact-checked against it. Not legal advice.
1: Short title
This section would let the Act be officially called the Main Street Parity Act.
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Official text, verbatim from the record
1. Short title This Act may be cited as the Main Street Parity Act .
2: Modification to criteria for loans for plant acquisition, construction, conversion or expansion
This section would amend section 502(3)(C) of the Small Business Investment Act of 1958 (15 U.S.C. 696(3)(C)) by removing clauses (ii) and (iii), adding the word 'or' to the end of clause (i), and renumbering clause (iv) as the new clause (ii). It would also make a matching change to section 502(3)(B)(ii) of that Act (15 U.S.C. 696(3)(B)(ii)), narrowing a cross-reference that currently points to clauses (i), (ii), or (iii) of subparagraph (C) so that it points only to clause (i) of subparagraph (C). Stating the resulting loan criteria in plain terms requires the current text of those clauses of the Small Business Investment Act of 1958, which is not part of this bill's text.
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Official text, verbatim from the record
2. Modification to criteria for loans for plant acquisition, construction, conversion or expansion (a) In general Section 502(3)(C) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(3)(C) ) is amended— (1) by striking clauses (ii) and (iii); (2) in clause (i), by inserting or at the end; and (3) by redesignating clause (iv) as clause (ii). (b) Conforming amendment Section 502(3)(B)(ii) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(3)(B)(ii) ) is amended by striking clauses (i), (ii), or (iii) of subparagraph (C) and inserting clause (i) of subparagraph (C) .
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