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117th Congress · House

Small Business 7(a) Loan Agent Transparency Act

Subjects: Government lending and loan guarantees · Licensing and registrations · Small business · Commerce

In plain language

  • House bill in the 117th Congress.
  • Provides oversight of 7(a) loan agents, including by requiring the Small Business Administration (SBA) to establish a registration.
  • House passed it on Nov 2, 2021 (substantive).
Official summary (Congressional Research Service)

Small Business 7(a) Loan Agent Transparency Act This bill provides oversight of 7(a) loan agents, including by requiring the Small Business Administration (SBA) to establish a registration system for such agents whereby certain data may be collected and by mandating that such agents register with the system and pay an annual registration fee. These agents provide referral and loan application services related to the SBA's 7(a) Program. Under the 7(a) Program, the SBA guarantees up to 80% of a private lender's loan to a small business borrower who cannot obtain credit elsewhere on reasonable terms and conditions.

View this measure on congress.gov

Roll-call votes on this measure