7(a) Loan Agent Oversight Act passed the House 92 days after introduction and awaits a vote in the Senate
Written by the Congressional Research Service [2]. 133 words.
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, (3) the purchase rate of loans for which an applicant used the services of a 7(a) agent, and (4) the number and aggregate dollar value of referral fees paid to 7(a) agents.
- Committees
- House Small Business Committee
Senate Small Business and Entrepreneurship Committee - Policy area
- Commerce: 44 of 2,416 bills became law, 113th–118th (1.8%)
- Sponsor
- 2 of 62 bills enacted since 2013
- Text versions
- 4, from introduced in house to referred in senate · 340 words
- Subjects
- Congressional oversightFraud offenses and financial crimesGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigations
- Latest action
- Jun 4, 2025: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Records
- Congress.gov · Bill text
The bill status record lists no related bills.