117th Congress > House > Vote 350

Date: November 02, 2021

Result: 407-9 (Passed)

Clerk session vote number: 351

Sponsor: PHILLIPS, Dean (D-MN)

Bill number: HR4481

Question: On Motion to Suspend the Rules and Pass

Description: Small Business 7(a) Loan Agent Transparency Act

Bill summary: Small Business 7(a) Loan Agent Transparency Act This bill provides oversight of 7(a) loan agents, including by requiring the Small Business Administration (SBA) to establish a registration system for such agents whereby certain data may be collected and by mandating that such agents register with the system and pay an annual registration fee. These agents provide 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.

Bill titles: To amend the Small Business Act to establish requirements for 7(a) agents, and for other purposes.

Links for more info on the vote: congress.gov

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