7(a) Loan Agent Oversight Act
Introduced Mar 3, 2025 by Rep. Daniel Meuser
The House passed it. The Senate has to pass it before it can reach the President.
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.
Summary by the Congressional Research Service.
- Jun 4, 2025Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
- Jun 3, 2025Motion to reconsider laid on the table Agreed to without objection.
- Jun 3, 2025On 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)
- Jun 3, 2025Passed/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)
- Jun 3, 2025At 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.
- Jun 3, 2025DEBATE - The House proceeded with forty minutes of debate on H.R. 1804.
- Jun 3, 2025Considered under suspension of the rules. (consideration: CR H2398-2399)
- Jun 3, 2025Mr. Williams (TX) moved to suspend the rules and pass the bill.
- Jun 3, 2025Considered as unfinished business. (consideration: CR H2403-2404)
- Mar 24, 2025Placed on the Union Calendar, Calendar No. 22.
- Mar 24, 2025Reported by the Committee on Small Business. H. Rept. 119-33.
- Mar 5, 2025Ordered to be Reported by the Yeas and Nays: 25 - 0.
- Mar 5, 2025Committee Consideration and Mark-up Session Held
- Mar 3, 2025Referred to the House Committee on Small Business.
- Mar 3, 2025Introduced in House