7(a) Loan Agent Oversight Act
In committee7(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 provides loans and loan guarantees to small business borrowers 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, (3) the purchase rate of loans for which an applicant used the services of a 7(a) agent, and (4) the number and aggregate dollar value of referral fees paid to 7(a) agents.
Jun 4, 2025Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Passed
The 7(a) Loan Agent Oversight Act mandates an annual report on 7(a) agents involved in small business loans, detailing their activities and impact. The bill aims to enhance transparency and oversight of these agents without introducing new spending or direct financial transfers.