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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 provides loans and loan guarantees to small business borrowers 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.

House floor actions Actions

Calendars
Jun. 05 2023	Placed on the Union Calendar, Calendar No. 76.

Committee
Jun. 05 2023	Reported by the Committee on Small Business. H. Rept. 118-99.

IntroReferral
Mar. 17 2023	Referred to the House Committee on Small Business.

Library of Congress Actions

Committee
Jun. 05 2023	Reported by the Committee on Small Business. H. Rept. 118-99.

IntroReferral
Mar. 17 2023	Introduced in House Introduced in House

House committee actions Actions

Committee
May. 23 2023	Ordered to be Reported Without Recommendation by the Yeas and Nays: 22 - 0. Committee Consideration and Mark-up Session Held

House bill HR1644-118

7(a) Loan Agent Oversight Act

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