7(a) Loan Agent Oversight Act

Hozzl · 2025-06-07T04:23:19Z

Explore the details of House Bill 1804 7(a) Loan Agent Oversight Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Commerce. Stay informed on legislative developments.

6/7/2025, 4:23 AM

Summary of Bill HR 1804

Bill 119 HR 1804, also known as the Small Business 7(a) Agent Report Act, aims to amend the Small Business Act to mandate a report on 7(a) agents. The Small Business Administration's 7(a) loan program provides small businesses with access to financing through participating lenders, known as 7(a) agents.

The bill requires the Small Business Administration to submit a report to Congress detailing information on 7(a) agents, including the number of agents, the amount of loans originated by each agent, and any fees or compensation received by agents. This report will provide transparency and accountability in the 7(a) loan program, ensuring that small businesses are receiving fair and equitable access to financing.

In addition to the report on 7(a) agents, the bill also includes provisions for other purposes related to small business lending. Overall, Bill 119 HR 1804 aims to improve oversight and transparency in the Small Business Administration's 7(a) loan program, ultimately benefiting small businesses seeking access to capital.

Congressional Summary of HR 1804

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.

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Current Status of Bill HR 1804

Bill HR 1804 is currently in the status of Introduced to Senate since June 4, 2025. Bill HR 1804 was introduced during Congress 119 and was introduced to the House on March 3, 2025. Bill HR 1804's most recent activity was Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. as of June 4, 2025