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HR. 1804 · 119th Congress

7(a) Loan Agent Oversight Act

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Bill details

Introduced: 3/3/2025
Status: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Bill ID: 119hr1804
Latest action: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summary

Introduced in House

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 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.

Source: BILLSUM · Summary date: 3/3/2025

District impact notes

1 notes
NEUTRAL
3/31/2026

The 7(a) Loan Agent Oversight Act requires the Small Business Administration to produce an annual report on 7(a) loan agents. • This report could provide insights into the practices of loan agents that assist local small businesses in securing financing. • Increased transparency may help local businesses better understand the loan application process and the role of agents. • There may be questions about how effectively the SBA can gather and report this information without imposing additional burdens on small businesses or agents. AI-generated from official bill summary and plain-English note; verify with official text.

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Summary source label: BILLSUM
Congress.gov bill →GovInfo bill text (BILLS) →GovInfo summaries (BILLSUM) →OurCongress methodology →
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About this data

Non-partisan by design
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Official sources
Data is sourced from official government records (e.g., Congress.gov, GovInfo, Clerk of the House, and the U.S. Senate).
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Last updated: 3/31/2026Source: BILLSUMBill: 119hr1804Learn more →