IIB 
117TH CONGRESS 
1ST SESSION H. R. 4531 
IN THE SENATE OF THE UNITED STATES 
NOVEMBER 3, 2021 
Received; read twice and referred to the Committee on Small Business and 
Entrepreneurship 
AN ACT 
To amend the Small Business Act to require a report on 
7(a) agents, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘7(a) Loan Agent Over-
sight Act’’. 
SEC. 2. REPORT ON 7(a) AGENTS. 
Section 47 of the Small Business Act (15 U.S.C. 
657t) is amended by adding at the end the following new 
subsection: 
‘‘(j) ANNUAL REPORT.— 
‘‘(1) IN GENERAL.—The Director shall submit 
to Congress, in addition to the report required under 
subsection (h)(2), an annual report including, for 
the calendar year covered by the report— 
‘‘(A) the number of 7(a) agents assisting 
applicants 
for 
loans 
under 
section 
7(a), 
disaggregated by 7(a) agents who are attorneys, 
accountants, consultants, packagers, and lender 
service providers (as defined by section 103.1 of 
title 13, Code of Federal Regulations); 
‘‘(B) the number of fraudulent loans made 
for which an applicant used services of a 7(a) 
agent; 
‘‘(C) the purchase rate by the Adminis-
trator of loans for which an applicant used 
services of a 7(a) agent; 
‘‘(D) the number and aggregate dollar 
value of referral fees paid to 7(a) agents, 
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disaggregated by whether the applicant or 7(a) 
lender paid such fees; 
‘‘(E) without identifying individual 7(a) 
agents by name, a consolidated analysis of the 
risk created by the individual 7(a) agents re-
sponsible for not less than 1 percent of— 
‘‘(i) the dollar value of loans made 
with the assistance of 7(a) agents; and 
‘‘(ii) the number of loans made with 
the assistance of 7(a) agents; 
‘‘(F) an analysis of interest rates on loans 
for which an applicant or 7(a) lender used serv-
ices of an agent; and 
‘‘(G) a description of how the Adminis-
trator communicates with 7(a) agents. 
‘‘(2) DEFINITIONS.—In this subsection: 
‘‘(A) 7(A) AGENT.—The term ‘7(a) agent’ 
means a person who provides covered services 
on behalf of a lender or applicant. 
‘‘(B) COVERED SERVICES.—The term ‘cov-
ered services’ means— 
‘‘(i) assistance with completing an ap-
plication for a loan under section 7(a) (in-
cluding preparing a business plan, cash 
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flow projections, financial statements, and 
related documents); or 
‘‘(ii) consulting, broker, or referral 
services with respect to a loan under sec-
tion 7(a).’’. 
Passed the House of Representatives November 2, 
2021. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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