HR 1804 · 119th Congress · Commerce
7(a) Loan Agent Oversight Act
Bill Progress
✓
Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.(2025-06-04)
Recorded Votes
How Did Your Rep Vote?
Enter a ZIP code or representative's name
Plain Language Summary
[AI summary unavailable — showing source text]
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.…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 1804, 7(a) Loan Agent Oversight Act
Apr 7, 2025As reported by the House Committee on Small Business on March 24, 2025
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office