Legis Daily

Small Business 7(a) Lending Oversight Reform Act of 2018

USA115th CongressHR-4743| House 
| Updated: 6/21/2018
Steve Chabot

Steve Chabot

Republican Representative

Ohio

Cosponsors (11)
Dwight Evans (Democratic)Al Lawson (Democratic)Roger Marshall (Republican)Stephanie N. Murphy (Democratic)Adriano Espaillat (Democratic)Aumua Amata Coleman Radewagen (Republican)Nydia M. Velázquez (Democratic)Yvette D. Clarke (Democratic)Jenniffer González-Colón (Republican)Ralph Norman (Republican)Judy Chu (Democratic)

Small Business Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Small Business 7(a) Lending Oversight Reform Act of 2018 (Sec. 3) This bill amends the Small Business Act to provide statutory authority for the Small Business Administration (SBA) Office of Credit Risk Management (OCRM) and the SBA Lender Oversight Committee. The bill modifies the OCRM's supervisory duties and the committee's review of OCRM formal enforcement action recommendations. The bill requires OCRM to supervise: lenders making loans under the SBA's guaranteed loan program, commonly known as 7(a) lenders; lending partners or SBA intermediary participants in a lending program of the SBA's Office of Capital Access; small business lending companies; and nonfederally regulated lenders. The OCRM may assess a monetary penalty against lenders that violate requirements. (Sec. 4) Under current law, a borrower is ineligible for an SBA guaranteed loan if the applicant may obtain credit elsewhere. The term "credit elsewhere" is redefined to include the availability of credit on reasonable terms and conditions to the loan applicant from nongovernment sources, considering factors associated with conventional lending practices, including: the business industry in which the applicant operates; whether the applicant is an enterprise that has been in operation for two years or less; the adequacy of the collateral available to secure the requested loan; the loan term necessary to reasonably assure the ability of the loan applicant to repay the debt from the business's actual or projected cash flow; and any other factors relating to the particular credit application, as documented in detail by the lender, that cannot be overcome except through obtaining a federal loan guarantee under prudent lending standards. Such term is inapplicable to certain SBA guaranteed loans to repair, rehabilitate, or replace property damaged or destroyed by or resulting from natural or other disasters. (Sec. 5) The SBA may, with congressional approval, increase the cap for general business loans if the cap will be reached within that fiscal year. An increase may only be implemented once each fiscal year. (Sec. 6) SBA waivers of regulations or requirements in the Standard Operating Procedures Manual or Policy Notice related to an Office of Capital Access's program or function must be in writing and maintained in an index. (Sec 7) The bill repeals a requirement for the SBA to report certain information to the President and Congress, including the number and amount of loan defaults.

Bill Text Versions

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Timeline
Jan 9, 2018
Introduced in House
Jan 9, 2018
Referred to the House Committee on Small Business.
Mar 14, 2018
Ordered to be Reported (Amended) by Voice Vote.
Mar 14, 2018
Committee Consideration and Mark-up Session Held.
Apr 26, 2018
Placed on the Union Calendar, Calendar No. 503.
Apr 26, 2018
Reported (Amended) by the Committee on Small Business. H. Rept. 115-655.
May 8, 2018
Mr. Chabot moved to suspend the rules and pass the bill, as amended.
May 8, 2018
Considered under suspension of the rules. (consideration: CR H3812-3815)
May 8, 2018
DEBATE - The House proceeded with forty minutes of debate on H.R. 4743.
May 8, 2018
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3812-3814)
May 8, 2018
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3812-3814)
May 8, 2018
Motion to reconsider laid on the table Agreed to without objection.
May 9, 2018
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 403.
May 16, 2018
House requested return of papers pursuant to H.Res. 899. (consideration: CR H4008)
May 22, 2018
Senate returned papers to the House by Unanimous Consent.
May 22, 2018
Senate vitiated previous actions by Unanimous Consent. (consideration: CR S2838)
May 23, 2018
Message on Senate action sent to the House.
May 23, 2018
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 431.
Jun 5, 2018

Latest Companion Bill Action

S 115-2283
By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-265.
Jun 5, 2018
Passed Senate without amendment by Unanimous Consent. (consideration: CR S2998)
Jun 5, 2018
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S2998)
Jun 6, 2018
Message on Senate action sent to the House.
Jun 13, 2018
Presented to President.
Jun 21, 2018
Signed by President.
Jun 21, 2018
Became Public Law No: 115-189.
  • January 9, 2018
    Introduced in House


  • January 9, 2018
    Referred to the House Committee on Small Business.


  • March 14, 2018
    Ordered to be Reported (Amended) by Voice Vote.


  • March 14, 2018
    Committee Consideration and Mark-up Session Held.


  • April 26, 2018
    Placed on the Union Calendar, Calendar No. 503.


  • April 26, 2018
    Reported (Amended) by the Committee on Small Business. H. Rept. 115-655.


  • May 8, 2018
    Mr. Chabot moved to suspend the rules and pass the bill, as amended.


  • May 8, 2018
    Considered under suspension of the rules. (consideration: CR H3812-3815)


  • May 8, 2018
    DEBATE - The House proceeded with forty minutes of debate on H.R. 4743.


  • May 8, 2018
    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3812-3814)


  • May 8, 2018
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3812-3814)


  • May 8, 2018
    Motion to reconsider laid on the table Agreed to without objection.


  • May 9, 2018
    Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 403.


  • May 16, 2018
    House requested return of papers pursuant to H.Res. 899. (consideration: CR H4008)


  • May 22, 2018
    Senate returned papers to the House by Unanimous Consent.


  • May 22, 2018
    Senate vitiated previous actions by Unanimous Consent. (consideration: CR S2838)


  • May 23, 2018
    Message on Senate action sent to the House.


  • May 23, 2018
    Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 431.


  • June 5, 2018

    Latest Companion Bill Action

    S 115-2283
    By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-265.


  • June 5, 2018
    Passed Senate without amendment by Unanimous Consent. (consideration: CR S2998)


  • June 5, 2018
    Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S2998)


  • June 6, 2018
    Message on Senate action sent to the House.


  • June 13, 2018
    Presented to President.


  • June 21, 2018
    Signed by President.


  • June 21, 2018
    Became Public Law No: 115-189.

Commerce

Related Bills

  • S 115-2283: Small Business 7(a) Lending Oversight Reform Act of 2018
  • HR 115-1915: To amend the Small Business Act to provide the Administrator of the Small Business Administration authority to increase amount for general business loans, and for other purposes.
  • HRES 115-899: Requesting the Senate to return to the House of Representatives the bill H.R. 4743.
Agricultural prices, subsidies, creditBusiness investment and capitalCongressional oversightCredit and credit marketsExecutive agency funding and structureGovernment lending and loan guaranteesGovernment studies and investigationsSmall businessSmall Business Administration

Small Business 7(a) Lending Oversight Reform Act of 2018

USA115th CongressHR-4743| House 
| Updated: 6/21/2018
Small Business 7(a) Lending Oversight Reform Act of 2018 (Sec. 3) This bill amends the Small Business Act to provide statutory authority for the Small Business Administration (SBA) Office of Credit Risk Management (OCRM) and the SBA Lender Oversight Committee. The bill modifies the OCRM's supervisory duties and the committee's review of OCRM formal enforcement action recommendations. The bill requires OCRM to supervise: lenders making loans under the SBA's guaranteed loan program, commonly known as 7(a) lenders; lending partners or SBA intermediary participants in a lending program of the SBA's Office of Capital Access; small business lending companies; and nonfederally regulated lenders. The OCRM may assess a monetary penalty against lenders that violate requirements. (Sec. 4) Under current law, a borrower is ineligible for an SBA guaranteed loan if the applicant may obtain credit elsewhere. The term "credit elsewhere" is redefined to include the availability of credit on reasonable terms and conditions to the loan applicant from nongovernment sources, considering factors associated with conventional lending practices, including: the business industry in which the applicant operates; whether the applicant is an enterprise that has been in operation for two years or less; the adequacy of the collateral available to secure the requested loan; the loan term necessary to reasonably assure the ability of the loan applicant to repay the debt from the business's actual or projected cash flow; and any other factors relating to the particular credit application, as documented in detail by the lender, that cannot be overcome except through obtaining a federal loan guarantee under prudent lending standards. Such term is inapplicable to certain SBA guaranteed loans to repair, rehabilitate, or replace property damaged or destroyed by or resulting from natural or other disasters. (Sec. 5) The SBA may, with congressional approval, increase the cap for general business loans if the cap will be reached within that fiscal year. An increase may only be implemented once each fiscal year. (Sec. 6) SBA waivers of regulations or requirements in the Standard Operating Procedures Manual or Policy Notice related to an Office of Capital Access's program or function must be in writing and maintained in an index. (Sec 7) The bill repeals a requirement for the SBA to report certain information to the President and Congress, including the number and amount of loan defaults.

Bill Text Versions

View Text
7 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jan 9, 2018
Introduced in House
Jan 9, 2018
Referred to the House Committee on Small Business.
Mar 14, 2018
Ordered to be Reported (Amended) by Voice Vote.
Mar 14, 2018
Committee Consideration and Mark-up Session Held.
Apr 26, 2018
Placed on the Union Calendar, Calendar No. 503.
Apr 26, 2018
Reported (Amended) by the Committee on Small Business. H. Rept. 115-655.
May 8, 2018
Mr. Chabot moved to suspend the rules and pass the bill, as amended.
May 8, 2018
Considered under suspension of the rules. (consideration: CR H3812-3815)
May 8, 2018
DEBATE - The House proceeded with forty minutes of debate on H.R. 4743.
May 8, 2018
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3812-3814)
May 8, 2018
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3812-3814)
May 8, 2018
Motion to reconsider laid on the table Agreed to without objection.
May 9, 2018
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 403.
May 16, 2018
House requested return of papers pursuant to H.Res. 899. (consideration: CR H4008)
May 22, 2018
Senate returned papers to the House by Unanimous Consent.
May 22, 2018
Senate vitiated previous actions by Unanimous Consent. (consideration: CR S2838)
May 23, 2018
Message on Senate action sent to the House.
May 23, 2018
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 431.
Jun 5, 2018

Latest Companion Bill Action

S 115-2283
By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-265.
Jun 5, 2018
Passed Senate without amendment by Unanimous Consent. (consideration: CR S2998)
Jun 5, 2018
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S2998)
Jun 6, 2018
Message on Senate action sent to the House.
Jun 13, 2018
Presented to President.
Jun 21, 2018
Signed by President.
Jun 21, 2018
Became Public Law No: 115-189.
  • January 9, 2018
    Introduced in House


  • January 9, 2018
    Referred to the House Committee on Small Business.


  • March 14, 2018
    Ordered to be Reported (Amended) by Voice Vote.


  • March 14, 2018
    Committee Consideration and Mark-up Session Held.


  • April 26, 2018
    Placed on the Union Calendar, Calendar No. 503.


  • April 26, 2018
    Reported (Amended) by the Committee on Small Business. H. Rept. 115-655.


  • May 8, 2018
    Mr. Chabot moved to suspend the rules and pass the bill, as amended.


  • May 8, 2018
    Considered under suspension of the rules. (consideration: CR H3812-3815)


  • May 8, 2018
    DEBATE - The House proceeded with forty minutes of debate on H.R. 4743.


  • May 8, 2018
    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3812-3814)


  • May 8, 2018
    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3812-3814)


  • May 8, 2018
    Motion to reconsider laid on the table Agreed to without objection.


  • May 9, 2018
    Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 403.


  • May 16, 2018
    House requested return of papers pursuant to H.Res. 899. (consideration: CR H4008)


  • May 22, 2018
    Senate returned papers to the House by Unanimous Consent.


  • May 22, 2018
    Senate vitiated previous actions by Unanimous Consent. (consideration: CR S2838)


  • May 23, 2018
    Message on Senate action sent to the House.


  • May 23, 2018
    Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 431.


  • June 5, 2018

    Latest Companion Bill Action

    S 115-2283
    By Senator Risch from Committee on Small Business and Entrepreneurship filed written report. Report No. 115-265.


  • June 5, 2018
    Passed Senate without amendment by Unanimous Consent. (consideration: CR S2998)


  • June 5, 2018
    Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S2998)


  • June 6, 2018
    Message on Senate action sent to the House.


  • June 13, 2018
    Presented to President.


  • June 21, 2018
    Signed by President.


  • June 21, 2018
    Became Public Law No: 115-189.
Steve Chabot

Steve Chabot

Republican Representative

Ohio

Cosponsors (11)
Dwight Evans (Democratic)Al Lawson (Democratic)Roger Marshall (Republican)Stephanie N. Murphy (Democratic)Adriano Espaillat (Democratic)Aumua Amata Coleman Radewagen (Republican)Nydia M. Velázquez (Democratic)Yvette D. Clarke (Democratic)Jenniffer González-Colón (Republican)Ralph Norman (Republican)Judy Chu (Democratic)

Small Business Committee

Commerce

Related Bills

  • S 115-2283: Small Business 7(a) Lending Oversight Reform Act of 2018
  • HR 115-1915: To amend the Small Business Act to provide the Administrator of the Small Business Administration authority to increase amount for general business loans, and for other purposes.
  • HRES 115-899: Requesting the Senate to return to the House of Representatives the bill H.R. 4743.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Agricultural prices, subsidies, creditBusiness investment and capitalCongressional oversightCredit and credit marketsExecutive agency funding and structureGovernment lending and loan guaranteesGovernment studies and investigationsSmall businessSmall Business Administration