117th Congress > House > Vote 351

Date: November 02, 2021

Result: 411-9 (Passed)

Clerk session vote number: 352

Sponsor: MEUSER, Dan (R-PA)

Bill number: HR4531

Question: On Motion to Suspend the Rules and Pass

Description: 7(a) Loan Agent Oversight Act

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

Links for more info on the vote: congress.gov

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