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HR 1804 - 7(a) Loan Agent Oversight Act - National Key Vote

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Title: 7(a) Loan Agent Oversight Act

Vote Smart's Synopsis:

Vote to pass a bill that requires the Small Business Administration (SBA) to submit an annual report containing specified information related to 7(a) loan agents.

Highlights:

  • Requires the Small Business Administration (SBA) to submit an annual report containing specified information related to 7(a) loan agents (Sec. 2).

  • Specifies that 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 (Sec. 2).

  • Requires the annual report to include the following (Sec. 2):

    • The number and type of agents assisting applicants for 7(a) loans;

    • The number of fraudulent loans made for which an applicant used the services of a 7(a) agent; 

    • The purchase rate of loans for which an applicant used the services of a 7(a) agent; and

    • The number and aggregate dollar value of referral fees paid to 7(a) agents.

NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS

Full Bill Text

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