The loan must be secured by rural land and made after this law
What the document says“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--”
The term covers a loan that meets the tests below.
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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