IB 
Union Calendar No. 104 
117TH CONGRESS 
1ST SESSION H. R. 4531 
[Report No. 117–144] 
To amend the Small Business Act to require a report on 7(a) agents, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 19, 2021 
Mr. MEUSER (for himself and Mr. PHILLIPS) introduced the following bill; 
which was referred to the Committee on Small Business 
OCTOBER 12, 2021 
Additional sponsor: Ms. VAN DUYNE 
OCTOBER 12, 2021 
Reported from the Committee on Small Business; committed to the Committee 
of the Whole House on the State of the Union and ordered to be printed 
VerDate Sep 11 2014 
00:52 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H4531.RH
H4531
pbinns on DSKJLVW7X2PROD with BILLS
A BILL 
To amend the Small Business Act to require a report on 
7(a) agents, and for other purposes. 
VerDate Sep 11 2014 
00:52 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H4531.RH
H4531
pbinns on DSKJLVW7X2PROD with BILLS
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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; 
VerDate Sep 11 2014 
00:52 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4531.RH
H4531
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(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, 
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. 
VerDate Sep 11 2014 
00:52 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H4531.RH
H4531
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(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 
flow projections, financial statements, and 
related documents); or 
‘‘(ii) consulting, broker, or referral 
services with respect to a loan under sec-
tion 7(a).’’. 
VerDate Sep 11 2014 
00:52 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H4531.RH
H4531
pbinns on DSKJLVW7X2PROD with BILLS
Union Calendar No. 104 
117TH CONGRESS 
1ST SESSION 
H. R. 4531 
[Report No. 117–144] 
A BILL 
To amend the Small Business Act to require a 
report on 7(a) agents, and for other purposes. 
OCTOBER 12, 2021 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Sep 11 2014 
00:52 Oct 13, 2021
Jkt 029200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H4531.RH
H4531
pbinns on DSKJLVW7X2PROD with BILLS