“The term `qualified real estate loan' means any loan--”
The section defines a qualified real estate loan as one secured by rural or agricultural real estate or by a leasehold mortgage with lien status on such land, made to a person other than a specified foreign entity as defined in section 7701(a)(51), and made after enactment. Whether the security is rural or agricultural real estate is judged when the interest accrues. A loan is not treated as made after enactment so far as its proceeds refinance a loan made on or before that date, or in a chain of refinancings where the original loan was.
What the document actually says
“The term `qualified real estate loan' means any loan--”
That sentence, in plain words
The term covers a loan that meets the tests below.
What this is about
It must be secured by rural or farm land. It must not go to a named foreign body. It must be made after this law passed.
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Provide for reconciliation pursuant to title II of H. Con. Res. 14, Public Law 119-21, sec. 70435, 139 Stat. 245 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
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“The loan must be secured by rural land and made after this law,” Provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70435, Sec. 70435. Read the Mandate, https://readthemandate.org/pl-119-21/proposal/sec70435-loan/ (retrieved October 10, 2026).
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