Legislative Oversight

Stable identifiers

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  "bill_type": "hr",
  "bill_number": 1804,
  "sponsor_bioguide_id": null
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Canonical URL: https://www.congress.gov/bill/119th-congress/house-bill/1804

Official text excerpt

119 HR 1804 IH: 7(a) Loan Agent Oversight Act 
 U.S. House of Representatives 
 2025-03-03 
 text/xml 
 EN 
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. 
 
 
 
 I 119th CONGRESS 1st Session H. R. 1804 IN THE HOUSE OF REPRESENTATIVES March 3, 2025 Mr. Meuser (for himself and Mrs. McIver ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to require a report on 7(a) agents, and for other purposes. 1. Short title This Act may be cited as the 7(a) Loan Agent Oversight Act . 2. Report on 7 (a) agents Section 47 of the Small Business Act ( 15 U.S.C. 657t ) is amended by adding at the end the following new subsection: (j) Annual report (1) In general The Director shall submit to Congress, in addition to the report required under subsection (h)(2), an annual report including, for the calendar year covered by the report— (A) the number of 7(a) agents assisting applicants for loans under section 7(a), disaggregated by the type of 7(a) agents consistent with information reported on the Fee Disclosure and Compensation Agreement, or any subsequent agreement forms that collect such information; (B) the number of fraudulent loans made for which an applicant used services of a 7(a) agent; (C) the purchase rate by the Administrator of loans for which an applicant used services of a 7(a) agent; (D) the number and aggregate dollar value of referral fees paid to 7(a) agents, disaggregated by whether the applicant or 7(a) lender paid such fees; (E) without identifying individual 7(a) agents by name, a consolidated analysis of the risk created by the individual 7(a) agents responsible for not less than 1 percent of— (i) the dollar value of loans made with the assistance of 7(a) agents; and (ii) the number of loans made with the assistance of 7(a) agents; (F) an analysis of interest rates on loans for which an applicant or …

Raw official payload (JSONB)

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Contributing member votes

Citations

• Congress.gov