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117th Congress · House

7(a) Loan Agent Oversight Act

Subjects: Congressional oversight · Fraud offenses and financial crimes · Government information and archives · Government lending and loan guarantees · Government studies and investigations · Commerce

In plain language

  • House bill in the 117th Congress.
  • Requires the Small Business Administration (SBA) to submit an annual report containing specified information related to 7(a) loan.
  • House passed it on Nov 2, 2021 (substantive).
Official summary (Congressional Research Service)

7(a) Loan Agent Oversight Act This bill requires the Small Business Administration (SBA) to submit an annual report containing specified information related to 7(a) loan agents. These agents provide fee-based 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. The required report must include (1) the number and type of agents assisting applicants for 7(a) loans, (2) the number of fraudulent loans made for which an applicant used the services of a 7(a) agent, and (3) the number and aggregate dollar value of referral fees paid to 7(a) agents.

View this measure on congress.gov

Roll-call votes on this measure