Ask AI
Bill117th CongressFiled Jul 19, 2021Commerce
H.R. 4531

7(a) Loan Agent Oversight Act

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house (Nov 2, 2021)

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.

What just happenedNov 3, 2021

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

Who’s behind it

Rep. Meuser, Daniel [R-PA-9](R-PA)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors2committees17actions5subjects
  1. Nov 3, 2021IntroReferral

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

    Small Business and Entrepreneurship Committee
  2. Nov 2, 2021FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Nov 2, 2021FloorH37300

    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)

  4. Nov 2, 2021Floor8000

    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)

  5. Nov 2, 2021FloorH30000

    Considered as unfinished business. (consideration: CR H6102-6103)

  6. Nov 2, 2021FloorH37220

    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.

  7. Nov 2, 2021FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4531.

  8. Nov 2, 2021FloorH30000

    Considered under suspension of the rules. (consideration: CR H6092-6093)

  9. Nov 2, 2021FloorH30300

    Ms. Velazquez moved to suspend the rules and pass the bill.

  10. Oct 12, 2021CalendarsH12410

    Placed on the Union Calendar, Calendar No. 104.

  11. Oct 12, 2021CommitteeH12200

    Reported by the Committee on Small Business. H. Rept. 117-144.

    Small Business Committee
  12. Oct 12, 2021Committee5000

    Reported by the Committee on Small Business. H. Rept. 117-144.

    Small Business Committee
  13. Jul 29, 2021Committee

    Ordered to be Reported by Voice Vote.

    Small Business Committee
  14. Jul 29, 2021Committee

    Committee Consideration and Mark-up Session Held.

    Small Business Committee
  15. Jul 19, 2021IntroReferralH11100

    Referred to the House Committee on Small Business.

    Small Business Committee
  16. Jul 19, 2021IntroReferralIntro-H

    Introduced in House

  17. Jul 19, 2021IntroReferral1000

    Introduced in House

Passed HouseNov 2, 202153

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.

Reported to HouseOct 12, 20217

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.

Introduced in HouseJul 19, 2021

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.

7(a) Loan Agent Oversight Act — Informed