H.R. 1804: 7(a) Loan Agent Oversight Act
This bill, known as the 7(a) Loan Agent Oversight Act, proposes amendments to the Small Business Act with the goal of enhancing oversight and reporting related to 7(a) loan agents. Here’s a breakdown of what the bill entails:
Annual Reporting Requirements
The bill requires the Director of the Small Business Administration (SBA) to submit an additional annual report to Congress that includes specific information about 7(a) loan agents. This report must cover:
- The number of 7(a) agents: A count of agents assisting loan applicants, organized by type.
- Fraudulent loans: The number of loans deemed fraudulent that involved the services of 7(a) agents.
- Purchase rate analysis: The rate at which the SBA purchased loans with the involvement of 7(a) agents.
- Referral fees: Information on the number and total amount of fees paid to 7(a) agents, categorized by who paid them—either the loan applicant or the lender.
- Risk analysis: An analysis focused on agents responsible for a significant portion (1% or more) of the total dollar value and number of loans made.
- Interest rates: An assessment of interest rates on loans that involved the services of 7(a) agents.
- Communication methods: A description of how the SBA communicates with 7(a) agents.
Definitions
The bill defines key terms for clarity:
- 7(a) agent: A person providing covered services on behalf of a lender or loan applicant.
- Covered services: This encompasses helping in completing loan applications and offering consulting, brokering, or referral services related to 7(a) loans.
The overall intention of the bill is to improve the transparency and oversight of 7(a) loan processes, potentially reducing fraud and enhancing the effectiveness of these agents in facilitating small business loans.
Relevant Companies
- None found
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
2 bill sponsors
Actions
15 actions
| Date | Action |
|---|---|
| Jun. 04, 2025 | Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. |
| Jun. 03, 2025 | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. |
| Jun. 03, 2025 | Considered as unfinished business. (consideration: CR H2403-2404) |
| Jun. 03, 2025 | Considered under suspension of the rules. (consideration: CR H2398-2399) |
| Jun. 03, 2025 | DEBATE - The House proceeded with forty minutes of debate on H.R. 1804. |
| Jun. 03, 2025 | Motion to reconsider laid on the table Agreed to without objection. |
| Jun. 03, 2025 | Mr. Williams (TX) moved to suspend the rules and pass the bill. |
| Jun. 03, 2025 | On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 405 - 3 (Roll no. 147). (text: CR H2398) |
| Jun. 03, 2025 | Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 405 - 3 (Roll no. 147). (text: CR H2398) |
| Mar. 24, 2025 | Placed on the Union Calendar, Calendar No. 22. |
| Mar. 24, 2025 | Reported by the Committee on Small Business. H. Rept. 119-33. |
| Mar. 05, 2025 | Committee Consideration and Mark-up Session Held |
| Mar. 05, 2025 | Ordered to be Reported by the Yeas and Nays: 25 - 0. |
| Mar. 03, 2025 | Introduced in House |
| Mar. 03, 2025 | Referred to the House Committee on Small Business. |
Corporate Lobbying
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