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117th Congress > House > Vote 351
Clerk session vote number: 352
Sponsor: MEUSER, Dan (R-PA)
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