HR 1804
7(a) Loan Agent Oversight Act
Summary
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.
Bill status
- Status
- Passed House
- Sponsor
- Rep. Daniel Meuser [R-PA-9]
- Cosponsors
- 1
- Policy area
- Commerce
- Introduced
- 2025-03-03
- Latest action
- 2025-06-04: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Committee referrals
Recent actions
- 2025-06-04: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2025-06-03: Motion to reconsider laid on the table Agreed to without objection.
- 2025-06-03: 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)
- 2025-06-03: 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)
- 2025-06-03: Considered as unfinished business. (consideration: CR H2403-2404)