Small Business Loan Agent Oversight
Also known as: 7(a) Loan Agent Oversight Act
Legislative Progress
Key Points
- Congress is requiring the Small Business Administration to create a yearly report on the outside consultants and brokers who help people get government-backed loans. These agents often help business owners with paperwork or find the right bank to work with.
- The report will specifically track how many loans involving these agents turned out to be fraudulent. This is designed to help the government spot bad actors who might be helping people submit dishonest applications.
- The government will also look at the fees these agents charge and the interest rates on the loans they help secure. This ensures that small business owners aren't being overcharged for help that is supposed to make getting a loan easier.
- The Small Business Administration will have to analyze the risks posed by agents who handle a large number of loans. By looking at the data, officials can see if certain agents have a high rate of loans that fail or default.
Milestones
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Motion to reconsider laid on the table Agreed to without objection.
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)
Passed/agreed to in 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)
Considered as unfinished business. (consideration: CR H2403-2404)
Vote Results
1 voteOn Motion to Suspend the Rules and Pass
Source Information
Document Type
Congressional Bill
Official Title
7(a) Loan Agent Oversight Act
Sponsor
Cosponsors
(1)Data Sources
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