7(a) Loan Agent Oversight Act

Bill: 117-hr-4531
Sponsor: Rep. Meuser, Daniel [R-PA-9]
Introduced: 2021-07-19 in the House
Policy area: Commerce
Subjects: Congressional oversight
Fraud offenses and financial crimes
Government information and archives
Government lending and loan guarantees
Government studies and investigations

Summary:
action_date: 2021-07-19
text: 

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.

action_date: 2021-10-12
text: 

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 guarantees up to 80% of a private lender's loan to a small business borrower 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.

action_date: 2021-11-02
text: 

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 guarantees up to 80% of a private lender's loan to a small business borrower 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.


Legislative actions:
action_date: 2021-11-03
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2021-11-02
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2021-11-02
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 9 (Roll no. 352). (text: CR H6092)
action_date: 2021-11-02
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 9 (Roll no. 352).(text: CR H6092)
action_date: 2021-11-02
text: Considered as unfinished business. (consideration: CR H6102-6103)
action_date: 2021-11-02
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2021-11-02
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4531.
action_date: 2021-11-02
text: Considered under suspension of the rules. (consideration: CR H6092-6093)
action_date: 2021-11-02
text: Ms. Velazquez moved to suspend the rules and pass the bill.
action_date: 2021-10-12
text: Placed on the Union Calendar, Calendar No. 104.
action_date: 2021-10-12
text: Reported by the Committee on Small Business. H. Rept. 117-144.
action_date: 2021-10-12
text: Reported by the Committee on Small Business. H. Rept. 117-144.
action_date: 2021-07-29
text: Ordered to be Reported by Voice Vote.
action_date: 2021-07-29
text: Committee Consideration and Mark-up Session Held.
action_date: 2021-07-19
text: Referred to the House Committee on Small Business.
action_date: 2021-07-19
text: Introduced in House
action_date: 2021-07-19
text: Introduced in House