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substantiveNov 2, 2021 · House roll call · passage · Result: Passed

On Motion to Suspend the Rules and Pass — H R 4531 — 7(a) Loan Agent Oversight Act

7(a) Loan Agent Oversight Act

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 breakdown

Yea411

Democrat: 210 · Republican: 201

Nay9

Democrat: 4 · Republican: 5

Present0

Not Voting11

Democrat: 5 · Republican: 6

How each member voted (431)

Yea (411)

Nay (9)

Not Voting (11)

Party labels reflect each member’s most recent affiliation on record.