7(a) Loan Agent Oversight Act
USA117th CongressHR-4531| House
| Updated: 11/3/2021
Daniel Meuser
Republican Representative
Pennsylvania
Cosponsors (2)
Small Business Committee, Small Business and Entrepreneurship Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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 guarantees up to 80% of a private lender's loan to a small business borrower 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.
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Timeline
Introduced in House
Referred to the House Committee on Small Business.
Ordered to be Reported by Voice Vote.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 104.
Reported by the Committee on Small Business. H. Rept. 117-144.
Ms. Velazquez moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H6092-6093)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4531.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H6102-6103)
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 9 (Roll no. 352). (text: CR H6092)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Commerce
Congressional oversightFraud offenses and financial crimesGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigations
7(a) Loan Agent Oversight Act
USA117th CongressHR-4531| House
| Updated: 11/3/2021
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 guarantees up to 80% of a private lender's loan to a small business borrower 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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Small Business.
Ordered to be Reported by Voice Vote.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 104.
Reported by the Committee on Small Business. H. Rept. 117-144.
Ms. Velazquez moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H6092-6093)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4531.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H6102-6103)
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 9 (Roll no. 352). (text: CR H6092)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Daniel Meuser
Republican Representative
Pennsylvania
Cosponsors (2)
Small Business Committee, Small Business and Entrepreneurship Committee
Commerce
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Congressional oversightFraud offenses and financial crimesGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigations