7(a) Loan Agent Oversight Act
Latest action · Nov 3, 2021 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 19, 2021
- Passed HouseNov 2, 2021
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 352 | On Motion to Suspend the Rules and Pass | Passed411–9 | Nov 2, 2021 |
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Jul 19, 2021 to Jul 29, 2021; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Dean Phillips | Original | Jul 19, 2021 |
| R-TX | Beth Van Duyne | Jul 29, 2021 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Small Business Committee | Referred Jul 19, 2021Markup Jul 29, 2021Reported Oct 12, 2021 |
| Senate | Small Business and Entrepreneurship Committee | Referred Nov 3, 2021 |
Actions 14
Everything that happened, newest first.
- Nov 3, 2021Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Nov 2, 2021Ms. Velazquez moved to suspend the rules and pass the bill.
- Nov 2, 2021Considered under suspension of the rules. (consideration: CR H6092-6093)
- Nov 2, 2021DEBATE - The House proceeded with forty minutes of debate on H.R. 4531.
- Nov 2, 2021At 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, 2021Considered as unfinished business. (consideration: CR H6102-6103)
- Nov 2, 2021Passed/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, 2021Motion to reconsider laid on the table Agreed to without objection.
- Oct 12, 2021Reported by the Committee on Small Business. H. Rept. 117-144.
- Oct 12, 2021Placed on the Union Calendar, Calendar No. 104.
- Jul 29, 2021Committee Consideration and Mark-up Session Held.
- Jul 29, 2021Ordered to be Reported by Voice Vote.
- Jul 19, 2021Introduced in House
- Jul 19, 2021Referred to the House Committee on Small Business.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H6092, H6093Text printed H6092Recorded votes H6102enactLists H6103Votes recorded by proxy on H.R. 4531, 7(a) Loan Agent Oversight Act | Blaine Luetkemeyer R-MO, Daniel Meuser R-PA, Nydia M. Velázquez D-NY | Nov 2, 2021 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Sep 6, 2022H.R. 4531, 7(a) Loan Agent Oversight ActAs passed by the House of Representatives on November 2, 2021
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 126, July 19, 2021, page H3669.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1644 | 7(a) Loan Agent Oversight Act | Reintroduced Bill | Jun 5, 2023 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Small Business Act to require a report on 7(a) agents, and for other purposes.
- Short Title(s) as Introduced
- 7(a) Loan Agent Oversight Act
- Short Title(s) as Reported to House
- 7(a) Loan Agent Oversight Act
- Short Title(s) as Passed House
- 7(a) Loan Agent Oversight Act
- Short Titles from RFS (Referred to Senate) bill text
- 7(a) Loan Agent Oversight Act
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
Text 4
Each version as it was printed, newest first.
- Nov 3, 2021Referred in Senate
- Nov 2, 2021Engrossed in House
- Oct 12, 2021Reported in House
- Jul 19, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
