,,ii  #aae? ,,congress  #b;d ,session   
,s4 #bgfe  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #bf1 #bjah ,mr4 
,k5n$y 7= himself & ,mr4 ,jones7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,inve/m5t ,advis]s   
,act ( #aidj to exempt inve/m5t advis]s 
:o solely advise c]ta9 rural bus9ess    
inve/m5t companies1 & = o!r purposes4   
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,,rbic ,advis]s ,relief ,act ( #bjah4
  #b4 ,advis]s ( ,r,b,i,cs ,section #bjc
 ( ! ,inve/m5t ,advis]s ,act ( #aidj    
7#ae ,u4,s4,c4 #hj;b-#c7;b77 is am5d$-- 
7#a7 9 subsection 7b7--  7,a7 9 p>agraph
 7#f77;,b7-- 7i7 by adju/+ ! m>g9s      
accord+ly2 &  7ii7 by /rik+ ! p]iod at !
 end & ins]t+ a semicolon2  7,b7 9      
p>agraph 7#g77;,c71 by /rik+ ! p]iod at 
! end & ins]t+ 2 or2 &  7,c7 by add+ at 
! end ! foll[+3  7#h7 any inve/m5t      
advis]1 o!r ?an an entity t has elect$  
to be regulat$ or is regulat$ z a       

bus9ess developm5t company pursuant to  
section #ed ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4 #hj;a-#ec71 :o   
solely advises--  7,a7 rural bus9ess    
inve/m5t companies 7z def9$ 9 section   
#chd;,a ( ! ,consolidat$ ,f>m & ,rural  
,developm5t ,act 7#g ,u4,s4,c4          
#bjji;cc772 or  7,b7 companies t h      
submitt$ to ! ,secret>y ( ,agriculture  
an application 9 accordance ) section   
#chd;,d7b7 ( ! ,consolidat$ ,f>m &      
,rural ,developm5t ,act 7#g ,u4,s4,c4   
#bjji;cc-#c7;b77 t--  7i7 h receiv$ f ! 
,secret>y ( ,agriculture a lett] (      
conditions1 :i* has n be5 revok$2 or    
7ii7 are affiliat$ ) #a or m rural      
bus9ess inve/m5t companies describ$ 9   
subp>agraph 7,a74  2  7#b7 9 subsection 
7l71 by add+ at ! end ! foll[+3  7#c7   
,advis]s ( ,r,b,i,cs ,= purposes ( ?is  
subsection1 a v5ture capital fund       
includes an entity describ$ 9           
subp>agraph 7,a7 or 7,b7 ( subsection   
7b77#h7 7o!r ?an an entity t has elect$ 
to be regulat$ z a bus9ess developm5t   

company pursuant to section #ed ( !     
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#ec774  2 &  7#c7 9     
subsection 7m71 by add+ at ! end !      
foll[+3  7#d7 ,advis]s ( ,r,b,i,cs ,=   
purposes ( ?is subsection1 ! assets "u  
managem5t ( a private fund t is an      
entity describ$ 9 subp>agraph 7,a7 or   
7,b7 ( subsection 7b77#h7 7o!r ?an an   
entity t has elect$ to be regulat$ or is
 regulat$ z a bus9ess developm5t company
 pursuant to section #ed ( ! ,inve/m5t  
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#ec77 %all be exclud$ f ! limit   
set =? 9 p>agraph 7#a74  4  #c4         
,relation%ip to ,/ate law ,section      
#bjc;,a7b77#a7 ( ! ,inve/m5t ,advis]s   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#c;a7b77#a77 is am5d$-- 7#a7 9    
subp>agraph 7,c71 by /rik+ ! p]iod at ! 
end & ins]t+ 2 or2 &  7#b7 by add+ at ! 
end ! foll[+3  7,d7 t is n regi/]$ "u   
section #bjc because t p]son is exempt f
 regi/ration z provid$ 9 subsection     
7b77#h7 ( su* section1 or is a sup]vis$ 

p]son ( su* p]son4  4