H.R. 1804 · 119th Congress · Commerce
7(a) Loan Agent Oversight Act
Requires the Small Business Administration to annually report on 7(a) loan agents and their activities. AI-read
What it does
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.
Summary by the Congressional Research Service, Mar 3, 2025 (Introduced in House). CRS summarizes bills impartially; it does not take positions.
Roll call votes
| Date | Question | Party split (yea) | Result |
|---|---|---|---|
| Jun 3, 2025 House roll 146 |
On Motion to Suspend the Rules and Pass7(a) Loan Agent Oversight Act | D 197–1 · R 208–2 |
Passed 405–3 |
Latest action
Jun 4, 2025 · Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.