Congress 117 - HR 4531 - 7(a) Loan Agent Oversight Act

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Commerce Congressional oversight Fraud offenses and financial crimes Government information and archives Government lending and loan guarantees Government studies and investigations

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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 guarantees up to 80% of a private lender's loan to a small business borrower 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.

Actions

Nov 3, 2021

Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Nov 2, 2021

Motion to reconsider laid on the table Agreed to without objection.
Nov 2, 2021

On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 9 (Roll no. 352). (text: CR H6092)
Nov 2, 2021

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): 411 - 9 (Roll no. 352).(text: CR H6092)
Nov 2, 2021

Considered as unfinished business. (consideration: CR H6102-6103)
Nov 2, 2021

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.
Nov 2, 2021

DEBATE - The House proceeded with forty minutes of debate on H.R. 4531.
Nov 2, 2021

Considered under suspension of the rules. (consideration: CR H6092-6093)
Nov 2, 2021

Ms. Velazquez moved to suspend the rules and pass the bill.
Oct 12, 2021

Placed on the Union Calendar, Calendar No. 104.
Oct 12, 2021

Reported by the Committee on Small Business. H. Rept. 117-144.
Jul 29, 2021

Ordered to be Reported by Voice Vote.
Jul 29, 2021

Committee Consideration and Mark-up Session Held.
Jul 19, 2021

Referred to the House Committee on Small Business.
Jul 19, 2021

Introduced in House

Amendments

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