HR 1644 · 118th Congress · Commerce
7(a) Loan Agent Oversight Act
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Placed on the Union Calendar, Calendar No. 76.(2023-06-05)
Plain Language Summary
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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.…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 1644, 7(a) Loan Agent Oversight Act
May 31, 2023As ordered reported by the House Committee on Small Business on May 23, 2023
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (2)
1 Democrat1 Republican