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United States · Bill · HR

H.R. 4531 (117th)

7(a) Loan Agent Oversight Act

referredUnited States· United States Congress· EN

Introduced

19 July 2021

Last action

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Status

Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Sponsors

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Subjects

Discovery layer

Source updated

28 May 2025

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Summary

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.

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Documents

11 official files

Referred in Senate (text)

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