7(a) Loan Agent Oversight Act
USA118th CongressHR-1644| House
| Updated: 6/5/2023
Daniel Meuser
Republican Representative
Pennsylvania
Small Business 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 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.
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 Without Recommendation by the Yeas and Nays: 22 - 0.
Committee Consideration and Mark-up Session Held
Placed on the Union Calendar, Calendar No. 76.
Reported by the Committee on Small Business. H. Rept. 118-99.
Commerce
Congressional oversightFraud offenses and financial crimesGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigations
7(a) Loan Agent Oversight Act
USA118th CongressHR-1644| House
| Updated: 6/5/2023
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.
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 Without Recommendation by the Yeas and Nays: 22 - 0.
Committee Consideration and Mark-up Session Held
Placed on the Union Calendar, Calendar No. 76.
Reported by the Committee on Small Business. H. Rept. 118-99.
Daniel Meuser
Republican Representative
Pennsylvania
Small Business 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