HR 4531 United States House · 117th Congress

7(a) Loan Agent Oversight Act

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 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.

Bill status passed 3 of 5 stages cleared

Introduction

Jul 2021

Committee Review

Nov 2021

House Passage

Nov 2021

Senate Passage

President

Introduced Jul 19, 2021 Last action Nov 3, 2021

Floor votes · House Nov 2, 2021

How they voted

411–9

Passed · 11 other

Total votes 431

Nov 2, 2021

D Democratic219

210 Yea 4 Nay 5

95% Yea

R Republican212

201 Yea 5 Nay 6

94% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Nov 3, 2021

Committee

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

upper

Nov 2, 2021

Lower · Passed

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)

lower

Oct 12, 2021

Lower · Passed

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

lower

Jul 29, 2021

Lower · Passed

Committee Consideration and Mark-up Session Held.

lower

Jul 19, 2021

Committee

Referred to the House Committee on Small Business.

lower

Jul 19, 2021

Introduced

Introduced in House

lower

1 primary · 2 co-sponsors