7(a) Loan Agent Oversight Act
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No action recorded in 1 year, 1 month. The structural status reflects an earlier milestone, not current activity.
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.
Filed in the House
This house bill has been filed and is working its way through Congress. It will need to pass both the House and the Senate, then be signed by the President to become law.
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Who introduced this
Daniel Meuser
RepublicanU.S. Representative · PA-9
1 cosponsor — all Democrat
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