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7(a) Loan Agent Oversight Act
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.
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.
Read the Full Bill
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
Bipartisan Support of Bill HR 1804
Total Number of Sponsors
11Democrat Sponsors
0Republican Sponsors
11Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
1Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1804
Primary Policy Focus
CommercePotential Impact Areas
- Congressional oversight
- Fraud offenses and financial crimes
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
Alternate Title(s) of Bill HR 1804
To amend the Small Business Act to require a report on 7(a) agents, and for other purposes.
To amend the Small Business Act to require a report on 7(a) agents, and for other purposes.
Comments
Kaizen Sherrill
771
1 year ago
I'm all for this bill, it's about time they start looking into this stuff. Can't wait to see what comes of it!
Sponsors and Cosponsors of HR 1804
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