7(a) Loan Agent Oversight Act
- Last Action
- 6/5/2023
Actions
- 2023-06-05Placed on the Union Calendar, Calendar No. 76.
- 2023-06-05Reported by the Committee on Small Business. H. Rept. 118-99.
- 2023-06-05Reported by the Committee on Small Business. H. Rept. 118-99.
- 2023-05-23Ordered to be Reported Without Recommendation by the Yeas and Nays: 22 - 0.
- 2023-05-23Committee Consideration and Mark-up Session Held
- 2023-03-17Referred to the House Committee on Small Business.
- 2023-03-17Introduced in House
- 2023-03-17Introduced in House
CRS Summary
As of 2023-06-05 (07)
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.
Cosponsors (2)
- Dean Phillips (D-MN)
- Blaine Luetkemeyer (R-MO)
Subjects
- Congressional oversight
- Fraud offenses and financial crimes
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.