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H.R. 1804 · 119th Congress

7(a) Loan Agent Oversight Act

Introduced Mar 3, 2025Policy area: Commerce

Read the textOn Congress.gov

Status: Passed House

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Law

Latest action

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

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 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, (3) the purchase rate of loans for which an applicant used the services of a 7(a) agent, and (4) the number and aggregate dollar value of referral fees paid to 7(a) agents.

Summary by the Congressional Research Service.

Actions

  1. Senate

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

  2. House

    Motion to reconsider laid on the table Agreed to without objection.

  3. House

    On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 405 - 3 (Roll no. 147). (text: CR H2398)

  4. House

    Considered as unfinished business. (consideration: CR H2403-2404)

  5. House

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  6. House

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1804.

  7. House

    Considered under suspension of the rules. (consideration: CR H2398-2399)

  8. House

    Mr. Williams (TX) moved to suspend the rules and pass the bill.

  9. House

    Placed on the Union Calendar, Calendar No. 22.

  10. House

    Reported by the Committee on Small Business. H. Rept. 119-33.

  11. House

    Ordered to be Reported by the Yeas and Nays: 25 - 0.

  12. House

    Committee Consideration and Mark-up Session Held

Show 2 earlier actions
  1. House

    Referred to the House Committee on Small Business.

  2. Introduced in House