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HR 1644 118th Congress House Commerce Congressional oversight Fraud offenses and financial crimes Government information and archives Government lending and loan guarantees Government studies and investigations

7(a) Loan Agent Oversight Act

Introduced: March 17, 2023 Introduced by: Meuser, Daniel Republican · Pennsylvania See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 5, 2023
Placed on the Union Calendar, Calendar No. 76.
Jun 5, 2023
Reported by the Committee on Small Business. H. Rept. 118-99.
May 23, 2023
Ordered to be Reported Without Recommendation by the Yeas and Nays: 22 - 0.
May 23, 2023
Committee Consideration and Mark-up Session Held
Mar 17, 2023
Referred to the House Committee on Small Business.
Mar 17, 2023
Introduced in House
 Plain-English 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 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.

What's happening now June 5, 2023

Placed on the Union Calendar, Calendar No. 76.

 Committees of jurisdiction 1